Noah Holdings Limited Announces Unaudited Financial Results for the Third Quarter of 2020
THIRD QUARTER 2020 FINANCIAL HIGHLIGHTS
[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.
- Net revenues for the third quarter of 2020 were
RMB859.1 million (US$126.5 million ), a 2.0% increase from the corresponding period in 2019, and a 14.9% increase from the second quarter of 2020.
(RMB millions, except percentages) |
Q3 2019 |
Q3 2020 |
YoY Change |
||||
Wealth management |
542.4 |
627.7 |
15.7% |
||||
Asset management |
240.4 |
222.4 |
(7.5%) |
||||
Lending and other businesses |
59.2 |
9.0 |
(84.8%) |
||||
Total net revenues |
842.0 |
859.1 |
2.0% |
- Income from operations for the third quarter of 2020 was
RMB347.2 million (US$51.1 million ), a 48.2% increase from the corresponding period in 2019, and an 8.7% increase from the second quarter of 2020.
(RMB millions, except percentages) |
Q3 2019 |
Q3 2020 |
YoY Change |
||||
Wealth management |
83.5 |
248.4 |
197.1% |
||||
Asset management |
145.7 |
113.7 |
(22.0%) |
||||
Lending and other businesses |
5.1 |
(14.9) |
N.A. |
||||
Total income from operations |
234.3 |
347.2 |
48.2% |
- Net income attributable to Noah shareholders for the third quarter of 2020 was
RMB285.6 million (US$42.1 million ), a 49.1% increase from the corresponding period in 2019, while a 4.7% decrease from the second quarter of 2020. - Non-GAAP[1] net income attributable to Noah shareholders for the third quarter of 2020 was
RMB301.1 million (US$44.3 million ), a 14.9% decrease from the corresponding period in 2019, and a 2.0% decrease from the second quarter of 2020.
THIRD 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
September 30, 2020 was 350,409, a 21.6% increase fromSeptember 30, 2019 and a 5.5% increase fromJune 30, 2020 . - Total number of active clients[2] which excluded mutual fund clients during the third quarter of 2020 was 4,466, a 31.0% increase from the corresponding period in 2019 and a 32.6% increase from the second quarter of 2020. Counting in mutual funds clients, the total number of clients who transacted with us during the third quarter of 2020 was 20,509, a 105.9% increase from the third quarter of 2019, and a 39.5% increase from the second quarter of 2020.
- Aggregate value of financial products distributed during the third quarter of 2020 was
RMB28.8 billion (US$4.2 billion ), a 122.2% increase from the corresponding period in 2019, due to the significant increase in the distribution of public securities products and private equity products.
[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. |
Product type |
Three months ended |
||||||
2019 |
2020 |
||||||
(RMB in billions, except percentages) |
|||||||
Public securities products |
7.5 |
57.5% |
20.9 |
72.4% |
|||
Private equity products |
3.5 |
26.8% |
7.2 |
25.1% |
|||
Credit products |
1.5 |
11.7% |
0.1 |
0.4% |
|||
Other products |
0.5 |
4.0% |
0.6 |
2.1% |
|||
All products |
13.0 |
100.0% |
28.8 |
100.0% |
- Coverage network in mainland China included 266 service centers covering 79 cities as of
September 30, 2020 , compared with 264 service centers covering 78 cities as ofJune 30, 2020 , which is stable quarter over quarter, and compared with 307 services centers covering 81 cities as ofSeptember 30, 2019 , primarily as a result of consolidation of duplicate service centers in order to optimize costs and expenses since fourth quarter of 2019. - Number of relationship managers was 1,204 as of
September 30, 2020 , a 0.7% increase fromJune 30, 2020 . The turnover rate of core "elite" relationship managers was 2.3%, compared with 1.4% as ofJune 30, 2020 .
Asset Management Business
The Company's asset management business is conducted through
- Total assets under management as of
September 30, 2020 wereRMB155.7 billion (US$22.9 billion ), a 2.3% decrease fromJune 30, 2020 due to the repayments of certain credit products and a 11.8% decrease fromSeptember 30, 2019 .
Investment type |
As of |
Growth |
Distribution/ Redemption |
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
107.7 |
67.6% |
7.6 |
5.9 |
109.4 |
70.3% |
|||||
Real estate |
17.3 |
10.8% |
0.1 |
0.6 |
16.8 |
10.7% |
|||||
Credit |
14.1 |
8.9% |
0.1 |
2.5 |
11.7 |
7.5% |
|||||
Public securities[3] |
11.8 |
7.4% |
0.9 |
1.9 |
10.8 |
7.0% |
|||||
Multi-strategies |
8.5 |
5.3% |
0.3 |
1.8 |
7.0 |
4.5% |
|||||
All Investments |
159.4 |
100.0% |
9.0 |
12.7 |
155.7 |
100.0% |
[3] The distribution/redemption of public securities also includes market appreciation or depreciation. |
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 third quarter of 2020 was
Ms.
THIRD QUARTER 2020 FINANCIAL RESULTS
Net Revenues
Net revenues for the third quarter of 2020 were
- Wealth Management Business
- Net revenues from one-time commissions for the third quarter of 2020 were
- Net revenues from recurring service fees for the third quarter of 2020 were
- Net revenues from performance-based income for the third quarter of 2020 were
- Net revenues from other service fees for the third quarter of 2020 were
- Asset Management Business
- Net revenues from recurring service fees for the third quarter of 2020 were
- Net revenues from performance-based income for the third quarter of 2020 were
- Lending and Other Businesses
- Net revenues for the third quarter of 2020 were
Operating Costs and Expenses
Operating costs and expenses for the third quarter of 2020 were
- Operating costs and expenses for the wealth management business for the third quarter of 2020 were
RMB379.3 million (US$55.9 million ), a 17.3% decrease from the corresponding period in 2019, primarily due to a decrease in compensation and benefits as well as selling and general and administrative expenses. - Operating costs and expenses for the asset management business for the third quarter of 2020 were
RMB108.7 million (US$16.0 million ), a 14.7% increase from the corresponding period in 2019, primarily due to an increase in compensation and benefits. - Operating costs and expenses for the lending and other businesses for the third quarter of 2020 were
RMB23.8 million (US$3.5 million ), a 56.0% decrease from the corresponding period in 2019, primarily due to a decrease in compensation and benefits as well as other operating expenses.
Operating Margin
Operating margin for the third quarter of 2020 was 40.4%, compared with 27.8% for the corresponding period in 2019.
- Operating margin for the wealth management business for the third quarter of 2020 was 39.6%, compared with 15.4% for the corresponding period in 2019, due to continuously operating efficiency improvement and less legal expenses incurred related to Camsing case.
- Operating margin for the asset management business for the third quarter of 2020 was 51.1%, compared with 60.6% for the corresponding period in 2019.
- Loss from operations for the lending and other businesses for the third quarter of 2020 was
RMB14.8 million (US$2.2 million ), compared with income from operations in the amount ofRMB5.1 million in the corresponding period of 2019 due to reduced loan origination.
Investment Income
Investment income for the third quarter of 2020 was
Income Tax Expenses
Income tax expenses for the third quarter of 2020 were
Income from Equity in Affiliates
Income from equity in affiliates for the third quarter of 2020 was
Net Income
- Net Income
- Net income for the third quarter of 2020 was
- Net margin for the third quarter of 2020 was 33.0%, up from 24.2% for the corresponding period in 2019.
- Net income attributable to Noah shareholders for the third quarter of 2020 was
- Net margin attributable to Noah shareholders for the third quarter of 2020 was 33.2%, up from 22.8% for the corresponding period in 2019.
- Net income attributable to Noah shareholders per basic and diluted ADS for the third quarter of 2020 was
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the third quarter of 2020 was
- Non-GAAP net margin attributable to Noah shareholders for the third quarter of 2020 was 35.0%, down from 42.0% for the corresponding period in 2019.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2020 was
Balance Sheet and Cash Flow
As of
Net cash inflow from the Company's operating activities during the third quarter of 2020 was
Net cash inflow from the Company's investing activities during the third quarter of 2020 was
Net cash outflow from the Company's financing activities was
OTHER COMPANY DEVELOPMENTS
The Company also announced that Mr.
Ms.
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 third quarter 2020 unaudited financial results and recent business activities.
The conference call may be accessed with the following details:
Conference call details |
|
Date/Time:
|
|
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: |
|
Participant Password: |
6699621 |
A telephone replay will be available starting one hour after the end of the conference call until
A live and archived webcast of the conference call will be available at Noah's investor relations website under the News & Events section at http://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 private equity, public securities, credit and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,204 relationship managers across 266 service centers in 79 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 third 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 --
|
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(unaudited) |
|||||||
As of |
|||||||
|
|
|
|||||
2020 |
2020 |
2020 |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
4,170,704 |
4,597,443 |
677,130 |
||||
Restricted cash |
4,098 |
727 |
107 |
||||
Short-term investments |
61,151 |
55,382 |
8,157 |
||||
Accounts receivable, net |
334,411 |
360,189 |
53,050 |
||||
Loans receivable, net |
619,811 |
476,730 |
70,215 |
||||
Amounts due from related parties |
766,189 |
696,806 |
102,628 |
||||
Other current assets |
199,908 |
194,464 |
28,641 |
||||
Total current assets |
6,156,272 |
6,381,741 |
939,928 |
||||
Long-term investments, net |
836,442 |
824,562 |
121,445 |
||||
Investment in affiliates |
1,291,255 |
1,252,054 |
184,408 |
||||
Property and equipment, net |
262,648 |
250,106 |
36,837 |
||||
Operating lease right-of-use assets, net |
343,925 |
291,694 |
42,962 |
||||
Deferred tax assets |
164,749 |
178,358 |
26,269 |
||||
Other non-current assets |
148,590 |
165,559 |
24,382 |
||||
Total Assets |
9,203,881 |
9,344,074 |
1,376,231 |
||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Accrued payroll and welfare expenses |
461,530 |
510,043 |
75,121 |
||||
Income tax payable |
77,381 |
136,582 |
20,116 |
||||
Deferred revenues |
163,608 |
125,092 |
18,424 |
||||
Other current liabilities |
351,690 |
318,964 |
46,978 |
||||
Total current liabilities |
1,054,209 |
1,090,681 |
160,639 |
||||
Operating lease liabilities, non-current |
346,241 |
289,076 |
42,576 |
||||
Deferred tax liabilities |
56,480 |
53,891 |
7,937 |
||||
Other non-current liabilities |
3,526 |
867 |
128 |
||||
Total Liabilities |
1,460,456 |
1,434,515 |
211,280 |
||||
Equity |
7,743,425 |
7,909,559 |
1,164,951 |
||||
Total Liabilities and Equity |
9,203,881 |
9,344,074 |
1,376,231 |
|
||||||||
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 |
129,786 |
125,000 |
18,411 |
(3.7%) |
||||
Recurring service fees |
135,201 |
200,075 |
29,468 |
48.0% |
||||
Performance-based income |
4,383 |
27,217 |
4,009 |
521.0% |
||||
Other service fees |
131,950 |
33,985 |
5,005 |
(74.2%) |
||||
Total revenues from others |
401,320 |
386,277 |
56,893 |
(3.7%) |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
21,137 |
71,112 |
10,474 |
236.4% |
||||
Recurring service fees |
386,381 |
363,274 |
53,504 |
(6.0%) |
||||
Performance-based income |
38,299 |
43,673 |
6,432 |
14.0% |
||||
Total revenues from funds |
445,817 |
478,059 |
70,410 |
7.2% |
||||
Total revenues |
847,137 |
864,336 |
127,303 |
2.0% |
||||
Less: VAT related surcharges |
(5,150) |
(5,282) |
(778) |
2.6% |
||||
Net revenues |
841,987 |
859,054 |
126,525 |
2.0% |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship managers |
(148,572) |
(144,977) |
(21,353) |
(2.4%) |
||||
Others |
(246,277) |
(217,549) |
(32,042) |
(11.7%) |
||||
Total compensation and |
(394,849) |
(362,526) |
(53,395) |
(8.2%) |
||||
Selling expenses |
(83,592) |
(69,882) |
(10,293) |
(16.4%) |
||||
General and administrative |
(88,455) |
(61,656) |
(9,081) |
(30.3%) |
||||
Provision for credit losses |
(15,995) |
(5,166) |
(761) |
(67.7%) |
||||
Other operating expenses |
(52,838) |
(23,129) |
(3,407) |
(56.2%) |
||||
Government grants |
28,049 |
10,552 |
1,554 |
(62.4%) |
||||
Total operating costs and |
(607,680) |
(511,807) |
(75,383) |
(15.8%) |
||||
Income from operations |
234,307 |
347,247 |
51,142 |
48.2% |
||||
Other income (expense): |
||||||||
Interest income |
13,774 |
12,080 |
1,779 |
(12.3%) |
||||
Investment (loss) income |
(48,405) |
751 |
111 |
N.A. |
||||
Other (expense) income |
(5,114) |
4,041 |
595 |
N.A. |
||||
Total other (expense) income |
(39,745) |
16,872 |
2,485 |
N.A. |
||||
Income before taxes and |
194,562 |
364,119 |
53,627 |
87.1% |
||||
Income tax expense |
(44,737) |
(84,944) |
(12,511) |
89.9% |
||||
Income from equity in affiliates |
53,974 |
4,652 |
685 |
(91.4%) |
||||
Net income |
203,799 |
283,827 |
41,801 |
39.3% |
||||
Less: net income (loss) |
12,201 |
(1,789) |
(263) |
N.A. |
||||
Net income attributable to |
191,598 |
285,616 |
42,064 |
49.1% |
||||
Income per ADS, basic |
3.13 |
4.63 |
0.68 |
47.9% |
||||
Income per ADS, diluted |
3.10 |
4.60 |
0.68 |
48.4% |
||||
Margin analysis: |
||||||||
Operating margin |
27.8% |
40.4% |
40.4% |
|||||
Net margin |
24.2% |
33.0% |
33.0% |
|||||
Weighted average ADS |
||||||||
Basic |
61,308,638 |
61,723,592 |
61,723,592 |
|||||
Diluted |
61,759,161 |
62,075,224 |
62,075,224 |
|||||
ADS equivalent outstanding at |
61,480,292 |
61,752,197 |
61,752,197 |
|||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two |
|
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Three months ended |
|||||||||
|
|
|
Change |
||||||
2019 |
2020 |
2020 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
203,799 |
283,827 |
41,801 |
39.3% |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
119,641 |
(108,684) |
(16,007) |
N.A. |
|||||
Fair value fluctuation of available for sale |
(3,191) |
- |
- |
N.A. |
|||||
Comprehensive income |
320,249 |
175,143 |
25,794 |
(45.3%) |
|||||
Less: Comprehensive income (loss) |
12,052 |
(1,694) |
(249) |
N.A. |
|||||
Comprehensive income attributable to |
308,197 |
176,837 |
26,043 |
(42.6%) |
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
|||||
|
|
Change |
|||
Number of registered clients |
288,245 |
350,409 |
21.6% |
||
Number of relationship managers |
1,368 |
1,204 |
(12.0%) |
||
Number of cities in mainland China under |
81 |
79 |
(2.5%) |
||
Three months ended |
|||||
|
|
Change |
|||
(in millions of RMB, except number of active clients and |
|||||
Number of active clients[4] |
3,409 |
4,466 |
31.0% |
||
Number of active clients including mutual fund |
9,961 |
20,509 |
105.9% |
||
Transaction value: |
|||||
Public securities products |
7,444 |
20,844 |
180.0% |
||
Private equity products |
3,477 |
7,222 |
107.7% |
||
Credit products |
1,517 |
112 |
(92.6%) |
||
Other products |
513 |
602 |
17.3% |
||
Total transaction value |
12,951 |
28,780 |
122.2% |
||
[4] "Active clients" for a given period refers to registered high net worth clients who purchase financial products |
|
|||||||
Segment Condensed Income Statements |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth Business |
Asset Business |
Lending and |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Revenues from others |
|||||||
One-time commissions |
124,645 |
355 |
- |
125,000 |
|||
Recurring service fees |
199,423 |
652 |
- |
200,075 |
|||
Performance-based income |
27,210 |
7 |
- |
27,217 |
|||
Other service fees |
23,992 |
886 |
9,107 |
33,985 |
|||
Total revenues from others |
375,270 |
1,900 |
9,107 |
386,277 |
|||
Revenues from funds Gopher manages |
|||||||
One-time commissions |
66,201 |
4,911 |
- |
71,112 |
|||
Recurring service fees |
183,594 |
179,680 |
- |
363,274 |
|||
Performance-based income |
6,751 |
36,922 |
- |
43,673 |
|||
Total revenues from funds Gopher |
256,546 |
221,513 |
- |
478,059 |
|||
Total revenues |
631,816 |
223,413 |
9,107 |
864,336 |
|||
Less: VAT related surcharges |
(4,123) |
(1,003) |
(156) |
(5,282) |
|||
Net revenues |
627,693 |
222,410 |
8,951 |
859,054 |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship managers |
(144,534) |
- |
(443) |
(144,977) |
|||
Others |
(118,854) |
(83,269) |
(15,426) |
(217,549) |
|||
Total compensation and benefits |
(263,388) |
(83,269) |
(15,869) |
(362,526) |
|||
Selling expenses |
(58,836) |
(8,759) |
(2,287) |
(69,882) |
|||
General and administrative |
(39,357) |
(17,425) |
(4,874) |
(61,656) |
|||
Provision for credit losses |
(6,898) |
- |
1,732 |
(5,166) |
|||
Other operating expenses |
(17,298) |
(1,848) |
(3,983) |
(23,129) |
|||
Government grants |
6,471 |
2,597 |
1,484 |
10,552 |
|||
Total operating costs and expenses |
(379,306) |
(108,704) |
(23,797) |
(511,807) |
|||
Income (loss) from operations |
248,387 |
113,706 |
(14,846) |
347,247 |
|
||||||||
Segment Condensed Income Statements |
||||||||
(unaudited) |
||||||||
Three months ended |
||||||||
Wealth |
Asset |
Lending and |
Total |
|||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
|||||
Revenues: |
||||||||
Revenues from others |
||||||||
One-time commissions |
129,099 |
687 |
- |
129,786 |
||||
Recurring service fees |
133,825 |
1,376 |
- |
135,201 |
||||
Performance-based income |
4,346 |
37 |
- |
4,383 |
||||
Other service fees |
69,841 |
1,197 |
60,912 |
131,950 |
||||
Total revenues from others |
337,111 |
3,297 |
60,912 |
401,320 |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
21,053 |
84 |
- |
21,137 |
||||
Recurring service fees |
186,251 |
200,130 |
- |
386,381 |
||||
Performance-based income |
- |
38,299 |
- |
38,299 |
||||
Total revenues from funds Gopher |
207,304 |
238,513 |
- |
445,817 |
||||
Total revenues |
544,415 |
241,810 |
60,912 |
847,137 |
||||
Less: VAT related surcharges |
(2,067) |
(1,368) |
(1,715) |
(5,150) |
||||
Net revenues |
542,348 |
240,442 |
59,197 |
841,987 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship managers |
(148,572) |
- |
- |
(148,572) |
||||
Others |
(155,102) |
(66,914) |
(24,261) |
(246,277) |
||||
Total compensation and benefits |
(303,674) |
(66,914) |
(24,261) |
(394,849) |
||||
Selling expenses |
(69,563) |
(9,315) |
(4,714) |
(83,592) |
||||
General and administrative |
(61,363) |
(17,916) |
(9,176) |
(88,455) |
||||
Provision for credit losses |
(16,007) |
- |
12 |
(15,995) |
||||
Other operating expenses |
(33,905) |
(2,947) |
(15,986) |
(52,838) |
||||
Government grants |
25,740 |
2,302 |
7 |
28,049 |
||||
Total operating costs and expenses |
(458,772) |
(94,790) |
(54,118) |
(607,680) |
||||
Income from operations |
83,576 |
145,652 |
5,079 |
234,307 |
|
|||||||
Supplement Revenue Information by Geography |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth Business |
Asset Business |
Lending and |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
512,820 |
184,449 |
9,107 |
706,376 |
|||
|
76,584 |
27,276 |
- |
103,860 |
|||
Others |
42,412 |
11,688 |
- |
54,100 |
|||
Total revenues |
631,816 |
223,413 |
9,107 |
864,336 |
Three months ended |
|||||||
Wealth Business |
Asset Business |
Lending and |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
347,744 |
212,137 |
60,912 |
620,793 |
|||
|
139,406 |
26,829 |
- |
166,235 |
|||
Others |
57,265 |
2,844 |
- |
60,109 |
|||
Total revenues |
544,415 |
241,810 |
60,912 |
847,137 |
|
|||||||
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 |
191,598 |
285,616 |
49.1% |
||||
Adjustment for share-based compensation |
21,310 |
14,351 |
(32.7%) |
||||
Less: loss from fair value changes of equity securities |
(6,047) |
(968) |
(84.0%) |
||||
Add: gains from sales of equity securities |
139,816 |
3,523 |
(97.5%) |
||||
Less: tax effect of adjustments |
5,059 |
3,384 |
(33.1%) |
||||
Adjusted net income attributable to Noah shareholders |
353,712 |
301,074 |
(14.9%) |
||||
Net margin attributable to Noah shareholders |
22.8% |
33.2% |
|||||
Non-GAAP net margin attributable to Noah shareholders |
42.0% |
35.0% |
|||||
Net income attributable to Noah shareholders per ADS, |
3.10 |
4.60 |
48.4% |
||||
Non-GAAP net income attributable to Noah shareholders |
5.73 |
4.85 |
(15.4%) |
||||
[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-third-quarter-of-2020-301181516.html
SOURCE
Noah Holdings Limited, Sonia Han, Tel: +86-21-8035-9221, ir@noahgroup.com