Noah Holdings Limited Announces Unaudited Financial Results for the First Quarter of 2020
FIRST QUARTER 2020 FINANCIAL HIGHLIGHTS
- Net revenues for the first quarter of 2020 were
RMB746.1 million (US$105.4 million ), compared withRMB889.9 million for the corresponding period in 2019, andRMB788.3 million for the fourth quarter of 2019.
(RMB millions, except percentages) |
Q1 2019 |
Q1 2020 |
YoY Change |
||||
Wealth management |
623.4 |
552.6 |
(11.4%) |
||||
Asset management |
167.9 |
165.4 |
(1.5%) |
||||
Lending and other businesses |
98.6 |
28.1 |
(71.5%) |
||||
Total net revenues |
889.9 |
746.1 |
(16.2%) |
- Income/ (loss) from operations for the first quarter of 2020 was
RMB256.3 million (US$36.2 million ), a 15.3% decrease from the corresponding period in 2019, and a 102.9% increase from the fourth quarter of 2019.
(RMB millions, except percentages) |
Q1 2019 |
Q1 2020 |
YoY Change |
||||
Wealth management |
189.5 |
166.2 |
(12.3%) |
||||
Asset management |
67.8 |
93.5 |
37.9% |
||||
Lending and other businesses |
45.2 |
(3.4) |
N.A. |
||||
Total income/(loss) from operations |
302.5 |
256.3 |
(15.3%) |
- Net income attributable to Noah shareholders for the first quarter of 2020 was
RMB243.0 million (US$34.3 million ), a 14.6% decrease from the corresponding period in 2019, but a 136.4% increase from the fourth quarter of 2019. - Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2020 was
RMB255.9 million (US$36.1 million ), a 16.0% decrease from the corresponding period in 2019, but a 119.6% increase from the fourth quarter of 2019.
FIRST QUARTER 2020 OPERATIONAL UPDATES
Wealth Management Business
The Company offers financial products and provides value-added services to high net worth clients in
- Total number of registered clients as of
March 31, 2020 was 321,148, a 16.8% increase fromMarch 31, 2019 , and a 9.3% increase fromDecember 31, 2019 . - Total number of active clients[2] during the first quarter of 2020 was 4,075, a 49.8% decrease from the first quarter of 2019, and a 9.7% decrease from the fourth quarter of 2019, as we are in the transition of offering more online mutual fund products to our clients. However, counting in mutual funds clients, the number of clients who transacted with us during the first quarter of 2020 were 16,831, a 107.4% increase from the first quarter of 2019, and a 4.0% increase from the fourth quarter.
- Aggregate value of financial products distributed during the first quarter of 2020 was
RMB23.2 billion (US$3.3 billion ), a 17.3% decrease from the first quarter of 2019, primarily due to the fact that the Company is adjusting its product strategy and thus no longer offers single-counterparty private debt products to clients since the third quarter of 2019. The aggregate value increased by 76.1% compared with the fourth quarter of 2019 due to the significant growth of public securities products offered by the Company.
Product type |
Three months ended |
||||||
2019 |
2020 |
||||||
(RMB in billions, except percentages) |
|||||||
Credit products |
22.1 |
78.8% |
0.2 |
0.8% |
|||
Private equity products |
1.3 |
4.8% |
2.9 |
12.6% |
|||
Public securities products |
3.2 |
11.4% |
19.1 |
82.4% |
|||
Other products |
1.4 |
5.0% |
1.0 |
4.2% |
|||
All products |
28.0 |
100.0% |
23.2 |
100.0% |
- Coverage network in mainland China included 292 service centers covering 78 cities as of
March 31, 2020 , compared with 313 service centers covering 83 cities as ofMarch 31, 2019 and 292 service centers covering 82 cities as ofDecember 31, 2019 . The decrease in the number of service centers and cities is primarily a result of consolidation of duplicate service centers in order to optimize costs and expenses. - Number of relationship managers was 1,209 as of
March 31, 2020 , a 19.2% decrease fromMarch 31, 2019 , and a 6.1% decrease fromDecember 31, 2019 , primarily as a result of the Company's efforts to streamline operational human resources. The turnover rate of core "elite" relationship managers was 1.0%, compared with 4.1% as ofDecember 31, 2019 .
Asset Management Business
The Company's asset management business is conducted through
- Total assets under management as of
March 31, 2020 wereRMB161.7 billion (US$22.8 billion ), a 5.0% decrease fromDecember 31, 2019 and a 5.5% decrease fromMarch 31, 2019 , primarily due to the voluntary accelerated repayments of certain credit products.
Investment type |
As of |
|
Distribution/ |
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
104.9 |
61.6% |
0.9 |
0.1 |
105.7 |
65.4% |
|||||
Credit |
29.6 |
17.4% |
- |
9.7 |
19.9 |
12.3% |
|||||
Real estate |
17.6 |
10.3% |
0.7 |
0.1 |
18.2 |
11.3% |
|||||
Public securities[3] |
9.3 |
5.5% |
0.8 |
0.9 |
9.2 |
5.7% |
|||||
Multi-strategies |
8.8 |
5.2% |
0.5 |
0.6 |
8.7 |
5.3% |
|||||
All Investments |
170.2 |
100.0% |
2.9 |
11.4 |
161.7 |
100.0% |
Lending and Other Businesses
The Company's lending business utilizes an advanced risk-management system to assess and facilitate short-term loans to high quality borrowers, often secured with collateral. The total amount of loans originated during the first quarter of 2020 was
Ms.
FIRST QUARTER 2020 FINANCIAL RESULTS
Net Revenues
Net revenues for the first quarter of 2020 were
- Wealth Management Business
- Net revenues from one-time commissions for the first quarter of 2020 were
- Net revenues from recurring service fees for the first quarter of 2020 were
- Net revenues from performance-based income for the first quarter of 2020 were
- Net revenues from other service fees for the first quarter of 2020 were
- Asset Management Business
- Net revenues from recurring service fees for the first quarter of 2020 were
- Net revenues from performance-based income for the first quarter of 2020 were
- Lending and Other Businesses
- Net revenues for the first quarter of 2020 were
Operating Costs and Expenses
Operating costs and expenses for the first quarter of 2020 were
- Operating costs and expenses for the wealth management business for the first quarter of 2020 were
RMB386.4 million (US$54.6 million ), a 10.9% decrease from the corresponding period in 2019, primarily due to various cost control measurements that we took in the first quarter of 2020, including a decrease in compensation and benefits and selling expenses partially offset by an increase in general administrative expenses. - Operating costs and expenses for the asset management business for the first quarter of 2020 were
RMB71.9 million (US$10.2 million ), a 28.1% decrease from the corresponding period in 2019, primarily due to a decrease in compensation and benefits, selling expenses and general administrative expenses. - Operating costs and expenses for lending and other businesses for the first quarter of 2020 were
RMB31.5 million (US$4.5 million ), a 40.9% decrease from the corresponding period in 2019, primarily due to a decrease in compensation and benefits and selling expenses.
Operating Margin
Operating margin for the first quarter of 2020 was 34.3%, compared with 34.0% for the corresponding period in 2019.
- Operating margin for the wealth management business for the first quarter of 2020 was 30.1%, compared with 30.4% for the corresponding period in 2019.
- Operating margin for the asset management business for the first quarter of 2020 was 56.5%, compared with 40.4% for the corresponding period in 2019.
- Loss from operation for the lending and other businesses for the first quarter of 2020 was
RMB3.5 million (US$0.5 million ), compared with an operating income ofRMB45.2 million for the corresponding period in 2019.
Investment Income
Investment income for the first quarter of 2020 was
Income Tax Expenses
Income tax expenses for the first quarter of 2020 were
Net Income
- Net Income
- Net income for the first quarter of 2020 was
- Net margin for the first quarter of 2020 was 32.7%, up from 32.3% for the corresponding period in 2019.
- Net income attributable to Noah shareholders for the first quarter of 2020 was
- Net margin attributable to Noah shareholders for the first quarter of 2020 was 32.6%, up from 32.0% for the corresponding period in 2019.
- Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2020 was
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the first quarter of 2020 was
- Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2020 was 34.3%, up from 34.2% for the corresponding period in 2019.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2020 was
Balance Sheet and Cash Flow
As of
Net cash outflow from the Company's operating activities during the first quarter of 2020 was
Net cash outflow from the Company's investing activities during the first quarter of 2020 was
Net cash outflow from the Company's financing activities was
[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, fair value changes of equity securities (unrealized), adjustment for sale of equity securities and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. |
[2] "Active clients" for a given period refers to registered high net worth clients who purchase financial products distributed or provided by Noah during that given period, excluding clients who transacted on our online mutual fund platform. |
[3] The asset distribution/redemption of public securities also includes market appreciation or depreciation. |
2020 FORECAST
The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2020 will be in the range of
CONFERENCE CALL
Senior management will host a combined English and Chinese language conference call to discuss the Company's first quarter 2020 unaudited financial results and recent business activities.
The conference call may be accessed with the following details:
Conference call details |
|
Date/Time
|
Monday, May 18, 2020 at Tuesday, May 19, 2020 at |
Dial in details |
|
- United States Toll Free |
+1-888-317-6003 |
- Mainland |
4001-206-115 |
- Hong Kong Toll Free |
800-963-976 |
- International |
+1-412-317-6061 |
Conference Title |
Noah Holdings First Quarter 2020 Earnings Call |
Participant Elite Entry Number |
6168003 |
Participants will need to dial in 10-15 minutes early and use the above Elite Entry Number in order to join the conference. A telephone replay will be available starting one hour after the end of the conference call until May 25, 2020 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 10143551.
A live and archived webcast of the conference call will be available at Noah's investor relations website under the News & Events section at ir.noahgroup.com.
DISCUSSION OF NON-GAAP MEASURES
In addition to disclosing financial results prepared in accordance with
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with
When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement
ABOUT
Noah's wealth management business primarily distributes credit, private equity, public securities and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,209 relationship managers across 292 service centers in 78 cities in mainland China, and serves the international investment needs of its clients through offices in
For more information, please visit Noah at ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the first quarter of 2020 ended
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings Limited |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(unaudited) |
|||||||
As of |
|||||||
|
|
|
|||||
2019 |
2020 |
2020 |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
4,387,345 |
4,045,796 |
571,376 |
||||
Restricted cash |
6,589 |
6,583 |
930 |
||||
Short-term investments |
671,259 |
97,863 |
13,821 |
||||
Accounts receivable, net |
219,566 |
297,493 |
42,014 |
||||
Loans receivable, net |
654,060 |
620,905 |
87,689 |
||||
Amounts due from related parties |
548,704 |
757,278 |
106,948 |
||||
Other current assets |
243,701 |
196,857 |
27,802 |
||||
Total current assets |
6,731,224 |
6,022,775 |
850,580 |
||||
Long-term investments, net |
881,091 |
837,449 |
118,270 |
||||
Investment in affiliates |
1,272,261 |
1,325,649 |
187,217 |
||||
Property and equipment, net |
296,320 |
271,574 |
38,354 |
||||
Operating lease right-of-use assets, net |
352,186 |
337,405 |
47,651 |
||||
Deferred tax assets |
167,430 |
167,254 |
23,621 |
||||
Other non-current assets |
102,092 |
126,369 |
17,844 |
||||
Total Assets |
9,802,604 |
9,088,475 |
1,283,537 |
||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Accrued payroll and welfare expenses |
555,719 |
644,420 |
91,009 |
||||
Income tax payable |
126,743 |
101,630 |
14,353 |
||||
Deferred revenues |
100,693 |
141,228 |
19,945 |
||||
Other current liabilities |
721,898 |
369,847 |
52,232 |
||||
Total current liabilities |
1,505,053 |
1,257,125 |
177,539 |
||||
Operating lease liabilities, non-current |
362,757 |
344,078 |
48,593 |
||||
Deferred tax liabilities |
56,401 |
56,804 |
8,022 |
||||
Other non-current liabilities |
3,433 |
2,787 |
394 |
||||
Total Liabilities |
1,927,644 |
1,660,794 |
234,548 |
||||
Equity |
7,874,960 |
7,427,681 |
1,048,989 |
||||
Total Liabilities and Equity |
9,802,604 |
9,088,475 |
1,283,537 |
|
|||||||
Condensed Consolidated Income Statements |
|||||||
(In RMB'000, except for USD data, per ADS data and percentages) |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
|
|
|
Change |
||||
2019 |
2020 |
2020 |
|||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
||||
Revenues from others: |
|||||||
One-time commissions |
216,643 |
207,185 |
29,260 |
(4.4%) |
|||
Recurring service fees |
132,476 |
148,457 |
20,966 |
12.1% |
|||
Performance-based income |
1,094 |
14,618 |
2,064 |
1,236.2% |
|||
Other service fees |
145,377 |
66,608 |
9,407 |
(54.2%) |
|||
Total revenues from others |
495,590 |
436,868 |
61,697 |
(11.8%) |
|||
Revenues from funds Gopher |
|||||||
One-time commissions |
107,908 |
4,749 |
671 |
(95.6%) |
|||
Recurring service fees |
288,156 |
303,450 |
42,855 |
5.3% |
|||
Performance-based income |
3,758 |
5,175 |
731 |
37.7% |
|||
Total revenues from funds Gopher |
399,822 |
313,374 |
44,257 |
(21.6%) |
|||
Total revenues |
895,412 |
750,242 |
105,954 |
(16.2%) |
|||
Less: VAT related surcharges |
(5,528) |
(4,125) |
(583) |
(25.4%) |
|||
Net revenues |
889,884 |
746,117 |
105,371 |
(16.2%) |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship manager |
|||||||
compensation |
(167,268) |
(170,052) |
(24,016) |
1.7% |
|||
Others |
(237,037) |
(194,787) |
(27,509) |
(17.8%) |
|||
Total compensation and benefits |
(404,305) |
(364,839) |
(51,525) |
(9.8%) |
|||
Selling expenses |
(90,456) |
(44,540) |
(6,290) |
(50.8%) |
|||
General and administrative |
|||||||
expenses |
(59,001) |
(63,685) |
(8,994) |
7.9% |
|||
Provision for credit losses |
451 |
(2,809) |
(397) |
N.A. |
|||
Other operating expenses |
(50,828) |
(32,617) |
(4,606) |
(35.8%) |
|||
Government subsidies |
16,780 |
18,635 |
2,632 |
11.1% |
|||
Total operating costs and |
(587,359) |
(489,855) |
(69,180) |
(16.6%) |
|||
Income from operations |
302,525 |
256,262 |
36,191 |
(15.3%) |
|||
Other income: |
|||||||
Interest income |
23,123 |
22,170 |
3,131 |
(4.1%) |
|||
Interest expenses |
(430) |
- |
- |
N.A. |
|||
Investment income |
25,663 |
17,566 |
2,481 |
(31.6%) |
|||
Other (expense) income |
(1,928) |
858 |
121 |
N.A. |
|||
Total other income |
46,428 |
40,594 |
5,733 |
(12.6%) |
|||
Income before taxes and income |
348,953 |
296,856 |
41,924 |
(14.9%) |
|||
Income tax expense |
(79,492) |
(68,276) |
(9,642) |
(14.1%) |
|||
Income from equity in affiliates |
18,123 |
15,076 |
2,129 |
(16.8%) |
|||
Net income |
287,584 |
243,656 |
34,411 |
(15.3%) |
|||
Less: net income attributable to |
3,007 |
631 |
89 |
(79.0%) |
|||
Net income attributable to Noah |
284,577 |
243,025 |
34,322 |
(14.6%) |
|||
Income per ADS, basic |
4.7 |
3.94 |
0.56 |
(16.2%) |
|||
Income per ADS, diluted |
4.57 |
3.92 |
0.55 |
(14.2%) |
|||
Margin analysis: |
|||||||
Operating margin |
34.0% |
34.3% |
34.3% |
||||
Net margin |
32.3% |
32.7% |
32.7% |
||||
Weighted average ADS equivalent[1]: |
|||||||
Basic |
60,570,704 |
61,619,852 |
61,619,852 |
||||
Diluted |
62,355,964 |
61,991,117 |
61,991,117 |
||||
ADS equivalent outstanding at end |
|||||||
61,180,845 |
61,635,280 |
61,635,280 |
|||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two |
Noah Holdings Limited |
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Three months ended |
|||||||||
|
|
|
Change |
||||||
2019 |
2020 |
2020 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
287,584 |
243,656 |
34,411 |
(15.3%) |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
(30,858) |
37,319 |
5,270 |
N.A. |
|||||
Fair value fluctuation of available for sale |
74 |
(4) |
(1) |
N.A. |
|||||
Comprehensive income |
256,800 |
280,971 |
39,680 |
9.4% |
|||||
Less: Comprehensive income attributable |
3,217 |
626 |
88 |
(80.5%) |
|||||
Comprehensive income attributable to Noah |
253,583 |
280,345 |
39,592 |
10.6% |
|
|||||
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
|||||
|
|
Change |
|||
Number of registered clients |
274,893 |
321,148 |
16.8% |
||
Number of relationship managers |
1,496 |
1,209 |
(19.2%) |
||
Number of cities under coverage in mainland |
83 |
78 |
(6.0%) |
||
Three months ended |
|||||
|
|
Change |
|||
(in millions of RMB, except number of active clients and |
|||||
Number of active clients[4] |
8,117 |
4,075 |
(49.8%) |
||
Transaction value: |
|||||
Credit products |
22,101 |
183 |
(99.2%) |
||
Private equity products |
1,333 |
2,931 |
119.9% |
||
Public securities products |
3,205 |
19,111 |
496.3% |
||
Other products |
1,401 |
969 |
(30.8%) |
||
Total transaction value |
28,040 |
23,194 |
(17.3%) |
||
[4] "Active clients" for a given period refers to registered high net worth clients who purchase financial products |
Noah Holdings Limited |
||||||||
Segment Condensed Income Statements |
||||||||
(unaudited) |
||||||||
Three months ended |
||||||||
Wealth |
Asset |
Lending |
Total |
|||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
|||||
Revenues: |
||||||||
Revenues from others: |
||||||||
One-time commissions |
206,944 |
241 |
- |
207,185 |
||||
Recurring service fees |
147,763 |
694 |
- |
148,457 |
||||
Performance-based income |
14,618 |
- |
- |
14,618 |
||||
Other service fees |
37,819 |
134 |
28,655 |
66,608 |
||||
Total revenues from others |
407,144 |
1,069 |
28,655 |
436,868 |
||||
Revenues from funds Gopher manages: |
||||||||
One-time commissions |
4,749 |
- |
- |
4,749 |
||||
Recurring service fees |
142,860 |
160,590 |
- |
303,450 |
||||
Performance-based income |
556 |
4,619 |
- |
5,175 |
||||
Total revenues from funds Gopher manages |
148,165 |
165,209 |
- |
313,374 |
||||
Total revenues |
555,309 |
166,278 |
28,655 |
750,242 |
||||
Less: VAT related surcharges |
(2,670) |
(868) |
(587) |
(4,125) |
||||
Net revenues |
552,639 |
165,410 |
28,068 |
746,117 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship manager compensation |
(170,052) |
- |
- |
(170,052) |
||||
Other compensations |
(118,227) |
(61,313) |
(15,247) |
(194,787) |
||||
Total compensation and benefits |
(288,279) |
(61,313) |
(15,247) |
(364,839) |
||||
Selling expenses |
(36,555) |
(7,314) |
(671) |
(44,540) |
||||
General and administrative expenses |
(47,582) |
(10,730) |
(5,373) |
(63,685) |
||||
Provision for credit losses |
- |
- |
(2,809) |
(2,809) |
||||
Other operating expenses |
(23,602) |
(1,546) |
(7,469) |
(32,617) |
||||
Government subsidies |
9,607 |
8,981 |
47 |
18,635 |
||||
Total operating costs and expenses |
(386,411) |
(71,922) |
(31,522) |
(489,855) |
||||
Income (loss) from operations |
166,228 |
93,488 |
(3,454) |
256,262 |
|
|||||||
Segment Condensed Income Statements |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth Management Business |
Asset Management Business |
Lending |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Revenues from others: |
|||||||
One-time commissions |
216,180 |
463 |
- |
216,643 |
|||
Recurring service fees |
131,618 |
858 |
- |
132,476 |
|||
Performance-based income |
1,094 |
- |
- |
1,094 |
|||
Other service fees |
43,445 |
1,166 |
100,766 |
145,377 |
|||
Total revenues from others |
392,337 |
2,487 |
100,766 |
495,590 |
|||
Revenues from funds Gopher |
|||||||
One-time commissions |
107,908 |
- |
- |
107,908 |
|||
Recurring service fees |
125,751 |
162,405 |
- |
288,156 |
|||
Performance-based income |
97 |
3,661 |
- |
3,758 |
|||
Total revenues from funds Gopher |
233,756 |
166,066 |
- |
399,822 |
|||
Total revenues |
626,093 |
168,553 |
100,766 |
895,412 |
|||
Less: VAT related surcharges |
(2,730) |
(628) |
(2,170) |
(5,528) |
|||
Net revenues |
623,363 |
167,925 |
98,596 |
889,884 |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship manager |
(167,125) |
- |
(143) |
(167,268) |
|||
Other compensations |
(146,458) |
(65,212) |
(25,367) |
(237,037) |
|||
Total compensation and benefits |
(313,583) |
(65,212) |
(25,510) |
(404,305) |
|||
Selling expenses |
(83,114) |
(3,903) |
(3,439) |
(90,456) |
|||
General and administrative |
(37,336) |
(15,261) |
(6,404) |
(59,001) |
|||
Provision for credit losses |
- |
- |
451 |
451 |
|||
Other operating expenses |
(15,086) |
(17,266) |
(18,476) |
(50,828) |
|||
Government subsidies |
15,218 |
1,562 |
- |
16,780 |
|||
Total operating costs and expenses |
(433,901) |
(100,080) |
(53,378) |
(587,359) |
|||
Income from operations |
189,462 |
67,845 |
45,218 |
302,525 |
|
|||||||
Supplement Revenue Information for Segment |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth |
Asset |
Lending |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
368,817 |
145,086 |
28,655 |
542,558 |
|||
|
140,765 |
16,567 |
- |
157,332 |
|||
Others |
45,727 |
4,625 |
- |
50,352 |
|||
Total revenues |
555,309 |
166,278 |
28,655 |
750,242 |
Three months ended |
|||||||
Wealth |
Asset |
Lending |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
401,523 |
145,608 |
100,766 |
647,897 |
|||
|
180,596 |
20,943 |
- |
201,539 |
|||
Others |
43,974 |
2,002 |
- |
45,976 |
|||
Total revenues |
626,093 |
168,553 |
100,766 |
895,412 |
|
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(In RMB, except for per ADS data and percentages) |
|||||||
(unaudited) [5] |
|||||||
Three months ended |
|||||||
|
|
Change |
|||||
2019 |
2020 |
||||||
RMB'000 |
RMB'000 |
||||||
Net income attributable to Noah shareholders |
284,577 |
243,025 |
(14.6%) |
||||
Adjustment for share-based compensation |
29,616 |
18,291 |
(38.2%) |
||||
Less: gains from fair value changes of equity securities |
8,742 |
6,083 |
(30.4%) |
||||
Add: gains from sales of equity securities (realized) |
4,885 |
- |
N.A. |
||||
Less: Tax effect of adjustments |
5,714 |
(652) |
N.A. |
||||
Adjusted net income attributable to Noah shareholders |
304,622 |
255,885 |
(16.0%) |
||||
Net margin attributable to Noah shareholders |
32.0% |
32.6% |
|||||
Non-GAAP net margin attributable to Noah shareholders |
34.2% |
34.3% |
|||||
Net income attributable to Noah shareholders per ADS, |
4.57 |
3.92 |
(14.2%) |
||||
Non-GAAP net income attributable to Noah shareholders |
4.90 |
4.13 |
(15.7%) |
||||
[5] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the |
View original content:http://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2020-301060849.html
SOURCE
Noah Holdings Limited, Sonia Han / Ryan Teng, Tel: +86-21-8035-9221, ir@noahgroup.com