Noah Holdings Limited Announces Unaudited Financial Results for the First Quarter of 2021
FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS
- Net revenues for the first quarter of 2021 were
RMB1,224.7 million (US$186.9 million ), a 64.1% increase from the corresponding period in 2020, and a 28.5% increase from the fourth quarter of 2020.
(RMB millions, except percentages) |
Q1 2020 |
Q1 2021 |
YoY Change |
||||
Wealth management |
552.6 |
946.4 |
71.3% |
||||
Asset management |
165.4 |
270.0 |
63.2% |
||||
Other businesses |
28.1 |
8.3 |
(70.4%) |
||||
Total net revenues |
746.1 |
1,224.7 |
64.1% |
- Income from operations for the first quarter of 2021 was RMB502.4 million (
US$76.7 million ), a 96.0% increase from the corresponding period in 2020, and a 49.8% increase from the fourth quarter of 2020.
(RMB millions, except percentages) |
Q1 2020 |
Q1 2021 |
YoY Change |
||||
Wealth management |
166.2 |
418.1 |
151.6% |
||||
Asset management |
93.5 |
114.5 |
22.5% |
||||
Other businesses |
(3.4) |
(30.2) |
762.9% |
||||
Total income from operations |
256.3 |
502.4 |
96.0% |
- Net income attributable to Noah shareholders for the first quarter of 2021 was
RMB454.1 million (US$69.3 million ), an 86.9% increase from the corresponding period in 2020. - Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2021 was
RMB461.9 million (US$70.5 million ), a 79.7% increase from the corresponding period in 2020, and a 76.0% increase from the fourth quarter of 2020.
FIRST QUARTER 2021 OPERATIONAL UPDATES
Wealth Management Business
We offer investment products and provide value-added services to high net worth investors in
- Total number of registered clients as of
March 31, 2021 was 384,021, a 19.6% increase fromMarch 31, 2020 , and a 6.5% increase fromDecember 31, 2020 . - Total number of active clients[2], which excluded mutual fund-only clients during the first quarter of 2021 was 6,299, a 54.6% increase from the first quarter of 2020, and a 19.6% increase from the fourth quarter of 2020. Including mutual fund-only clients, the number of clients who transacted with us during the first quarter of 2021 was 27,846, a 65.4% increase from the first quarter of 2020, and a 42.8% increase from the fourth quarter of 2020.
- Aggregate value of investment products distributed during the first quarter of 2021 was
RMB27.1 billion (US$4.1 billion ), including private equity products that was distributed directly by our asset management segment, representing a 16.8% increase from the first quarter of 2020, primarily due to a 62.5% growth of private equity products and a 23.4% growth of secondary market equity products. The aggregate value increased by 27.1% compared with the fourth quarter of 2020 due to the significant growth of public securities products offered by the Company.
Product type |
Three months ended |
||||||
2020 |
2021 |
||||||
(RMB in billions, except percentages) |
|||||||
Public securities products |
19.1 |
82.4% |
21.5 |
79.4% |
|||
Private equity products[3] |
2.9 |
12.6% |
4.8 |
17.6% |
|||
Credit products |
0.2 |
0.8% |
- |
- |
|||
Other products |
1.0 |
4.2% |
0.8 |
3.0% |
|||
All products |
23.2 |
100.0% |
27.1 |
100.0% |
- Coverage network in mainland China covered 82 cities as of
March 31, 2021 , compared with 78 cities as ofMarch 31, 2020 and 80 cities as ofDecember 31, 2020 . - Number of relationship managers was 1,246 as of
March 31, 2021 , a 3.1% increase fromMarch 31, 2020 , and a 1.2% increase fromDecember 31, 2020 . The turnover rate of core "elite" relationship managers was 0.3%, compared with 5.1% as ofDecember 31, 2020 .
Asset Management Business
Our asset management business is conducted through
- Total assets under management as of
March 31, 2021 wereRMB154.1 billion (US$23.5 billion ), a 0.8% increase fromDecember 31, 2020 and a 4.7% decrease fromMarch 31, 2020 , primarily due to the voluntary redemptions of certain credit products.
Investment type |
As of |
|
Distribution/ |
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
117.7 |
77.1% |
4.2 |
- |
121.9 |
79.1% |
|||||
Real estate |
12.7 |
8.3% |
- |
2.0 |
10.7 |
7.0% |
|||||
Public securities[4] |
9.8 |
6.4% |
1.4 |
0.7 |
10.5 |
6.8% |
|||||
Credit[5] |
5.5 |
3.6% |
- |
0.4 |
5.1 |
3.3% |
|||||
Multi-strategies |
7.1 |
4.6% |
0.1 |
1.3 |
5.9 |
3.8% |
|||||
All Investments |
152.8 |
100.0% |
5.7 |
4.4 |
154.1 |
100.0% |
Other Businesses
Since the fourth quarter of 2020, our other businesses segment has been transitioning to "Noah Digital Intelligence", aiming to develop a "turnkey asset management platform" ("TAMP"), to create an additional distribution channel beyond our wealth management, as well as to provide more comprehensive services and investment products.
Ms.
FIRST QUARTER 2021 FINANCIAL RESULTS
Net Revenues
Net revenues for the first quarter of 2021 were
- Wealth Management Business
- Net revenues from one-time commissions for the first quarter of 2021 were
- Net revenues from recurring service fees for the first quarter of 2021 were
- Net revenues from performance-based income for the first quarter of 2021 were
- Net revenues from other service fees for the first quarter of 2021 were
- Asset Management Business
- Net revenues from one-time commissions for the first quarter of 2021 was
- Net revenues from recurring service fees for the first quarter of 2021 were
- Net revenues from performance-based income for the first quarter of 2021 were
- Other Businesses
- Net revenues for the first quarter of 2021 were
Operating Costs and Expenses
Operating costs and expenses for the first quarter of 2021 were
- Operating costs and expenses for the wealth management business for the first quarter of 2021 were
RMB528.3 million (US$80.6 million ), a 36.7% increase from the corresponding period in 2020, primarily due to less compensation and benefits as well as less expenses incurred in the first quarter of 2020 due to the COVID-19 pandemic, and partially offset by a decrease in other operating expense. - Operating costs and expenses for the asset management business for the first quarter of 2021 were
RMB155.6 million (US$23.7 million ), a 116.3% increase from the corresponding period in 2020, primarily due to less compensation and benefits as well as less expenses incurred in the first quarter of 2020 due to the COVID-19 pandemic. - Operating costs and expenses for other businesses for the first quarter of 2021 were
RMB38.5 million (US$5.9 million ), a 22.1% increase from the corresponding period in 2020, primarily due to less compensation and benefits incurred in the first quarter of 2020 due to the COVID-19 pandemic.
Operating Margin
Operating margin for the first quarter of 2021 was 41.0%, compared with 34.3% for the corresponding period in 2020.
- Operating margin for the wealth management business for the first quarter of 2021 was 44.2%, compared with 30.1% for the corresponding period in 2020.
- Operating margin for the asset management business for the first quarter of 2021 was 42.4%, compared with 56.5% for the corresponding period in 2020.
- Loss from operation for the other businesses for the first quarter of 2021 was
RMB30.2 million (US$4.6 million ), compared with an operating loss ofRMB3.5 million for the corresponding period in 2020, due to less revenue generated in the first quarter of 2021.
Investment Income
Investment income for the first quarter of 2021 was
Income Tax Expenses
Income tax expenses for the first quarter of 2021 were
Net Income
- Net Income
- Net income for the first quarter of 2021 was
- Net margin for the first quarter of 2021 was 37.0%, up from 32.7% for the corresponding period in 2020.
- Net income attributable to Noah shareholders for the first quarter of 2021 was
- Net margin attributable to Noah shareholders for the first quarter of 2021 was 37.1%, up from 32.6% for the corresponding period in 2020.
- Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2021 was
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the first quarter of 2021 was
- Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2021 was 37.7%, up from 34.5% for the corresponding period in 2020.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2021 was
Balance Sheet and Cash Flow
As of
Net cash inflow from the Company's operating activities during the first quarter of 2021 was
Net cash outflow from the Company's investing activities during the first quarter of 2021 was
Net cash outflow from the Company's financing activities was
RECENT DEVELOPMENTS
On
The Company plans to finance the transaction by cash from our balance sheet. The consideration will be made in installments according to the condition precedents set up by Transaction Agreements. The transaction is subject to the satisfaction of certain conditions in the Transaction Agreements.
Ms.
[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, non-recurring settlement expenses 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 investment products distributed or provided by Noah during that given period, excluding clients who transacted only on our online mutual fund platform. |
[3] Since the fourth quarter of 2020, we distributed all private equity products directly from our asset management business, but for consistency purposes, we included those transaction values herein. |
[4] The asset distribution/redemption of public securities also includes market appreciation or depreciation. |
[5] Since this quarter, we reclassified all remaining mezzanine financing products linked to corporate merger and acquisitions and buy outs from credit to private equity in the amount of |
2021 FORECAST
The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2021 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 2021 unaudited financial results and recent business activities.
The conference call may be accessed with the following details:
Conference call details |
|
Date/Time
|
Monday, May 10, 2021 at Tuesday, May 11, 2021 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 |
|
Participant Elite Entry Number |
0955316 |
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 17, 2021 at +1-877-344-7529 (US Toll Free) or 1-412-317-0088 (International Toll). The replay access code is 10154694.
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 private equity, public securities and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,246 relationship managers across 82 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 2021 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 |
|||||||
|
|
|
|||||
2020 |
2021 |
2021 |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
5,005,211 |
4,904,316 |
748,545 |
||||
Restricted cash |
9,993 |
9,995 |
1,526 |
||||
Short-term investments |
114,928 |
143,140 |
21,847 |
||||
Accounts receivable, net |
434,458 |
444,421 |
67,832 |
||||
Loans receivable, net |
418,947 |
407,595 |
62,211 |
||||
Amounts due from related parties |
520,178 |
715,396 |
109,191 |
||||
Other current assets |
199,447 |
203,938 |
31,127 |
||||
Total current assets |
6,703,162 |
6,828,801 |
1,042,279 |
||||
Long-term investments, net |
536,384 |
556,166 |
84,888 |
||||
Investment in affiliates |
1,264,685 |
1,268,909 |
193,673 |
||||
Property and equipment, net |
248,669 |
235,974 |
36,017 |
||||
Operating lease right-of-use assets, net |
274,154 |
268,395 |
40,965 |
||||
Deferred tax assets |
224,240 |
223,783 |
34,155 |
||||
Other non-current assets |
148,292 |
214,807 |
32,786 |
||||
Total Assets |
9,399,586 |
9,596,835 |
1,464,763 |
||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Accrued payroll and welfare expenses |
705,622 |
844,021 |
128,823 |
||||
Income tax payable |
140,777 |
244,518 |
37,321 |
||||
Deferred revenues |
71,613 |
85,143 |
12,995 |
||||
Other current liabilities |
432,650 |
448,127 |
68,398 |
||||
Contingent liabilities |
530,433 |
532,612 |
81,292 |
||||
Total current liabilities |
1,881,095 |
2,154,421 |
328,829 |
||||
Operating lease liabilities, non-current |
194,384 |
180,308 |
27,520 |
||||
Deferred tax liabilities |
45,881 |
46,139 |
7,042 |
||||
Other non-current liabilities |
855 |
844 |
129 |
||||
Total Liabilities |
2,122,215 |
2,381,712 |
363,520 |
||||
Equity |
7,277,371 |
7,215,123 |
1,101,243 |
||||
Total Liabilities and Equity |
9,399,586 |
9,596,835 |
1,464,763 |
|
||||||||||
Condensed Consolidated Income Statements |
||||||||||
(In RMB'000, except for ADS data, per ADS data and percentages) |
||||||||||
(unaudited) |
||||||||||
Three months ended |
||||||||||
|
|
|
Change |
|||||||
2020 |
2021 |
2021 |
||||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Revenues from others: |
||||||||||
One-time commissions |
207,185 |
278,704 |
42,539 |
34.5% |
||||||
Recurring service fees |
148,457 |
220,513 |
33,657 |
48.5% |
||||||
Performance-based income |
14,618 |
276,524 |
42,206 |
1,791.7% |
||||||
Other service fees |
66,608 |
23,713 |
3,619 |
(64.4%) |
||||||
Total revenues from others |
436,868 |
799,454 |
122,021 |
83.0% |
||||||
Revenues from funds Gopher manages: |
||||||||||
One-time commissions |
4,749 |
46,146 |
7,043 |
871.7% |
||||||
Recurring service fees |
303,450 |
256,697 |
39,180 |
(15.4%) |
||||||
Performance-based income |
5,175 |
128,556 |
19,621 |
2,384.2% |
||||||
Total revenues from funds Gopher |
313,374 |
431,399 |
65,844 |
37.7% |
||||||
Total revenues |
750,242 |
1,230,853 |
187,865 |
64.1% |
||||||
Less: VAT related surcharges |
(4,125) |
(6,117) |
(934) |
48.3% |
||||||
Net revenues |
746,117 |
1,224,736 |
186,931 |
64.1% |
||||||
Operating costs and expenses: |
||||||||||
Compensation and benefits |
||||||||||
Relationship manager |
(170,052) |
(206,872) |
(31,575) |
21.7% |
||||||
Others |
(194,787) |
(375,253) |
(57,275) |
92.6% |
||||||
Total compensation and benefits |
(364,839) |
(582,125) |
(88,850) |
59.6% |
||||||
Selling expenses |
(44,540) |
(83,455) |
(12,738) |
87.4% |
||||||
General and administrative |
(63,685) |
(80,285) |
(12,254) |
26.1% |
||||||
Provision for credit losses |
(2,809) |
(3,407) |
(520) |
21.3% |
||||||
Other operating expenses |
(32,617) |
(27,088) |
(4,134) |
(17.0%) |
||||||
Government subsidies |
18,635 |
54,014 |
8,244 |
189.9% |
||||||
Total operating costs and |
(489,855) |
(722,346) |
(110,252) |
47.5% |
||||||
Income from operations |
256,262 |
502,390 |
76,679 |
96.0% |
||||||
Other income: |
||||||||||
Interest income |
22,170 |
22,927 |
3,499 |
3.4% |
||||||
Investment income |
17,566 |
34,361 |
5,245 |
95.6% |
||||||
Other income (expense) |
858 |
(486) |
(74) |
N.A. |
||||||
Total other income |
40,594 |
56,802 |
8,670 |
39.9% |
||||||
Income before taxes and income |
296,856 |
559,192 |
85,349 |
88.4% |
||||||
Income tax expense |
(68,276) |
(129,846) |
(19,818) |
90.2% |
||||||
Income from equity in affiliates |
15,076 |
23,513 |
3,589 |
56.0% |
||||||
Net income |
243,656 |
452,859 |
69,120 |
85.9% |
||||||
Less: net income (loss) attributable |
631 |
(1,234) |
(188) |
N.A. |
||||||
Net income attributable to Noah |
243,025 |
454,093 |
69,308 |
86.9% |
||||||
Income per ADS, basic |
3.94 |
6.77 |
1.03 |
71.8% |
||||||
Income per ADS, diluted |
3.92 |
6.72 |
1.03 |
71.4% |
||||||
Margin analysis: |
||||||||||
Operating margin |
34.3% |
41.0% |
41.0% |
|||||||
Net margin |
32.7% |
37.0% |
37.0% |
|||||||
Weighted average ADS equivalent[1]: |
||||||||||
Basic |
61,619,852 |
67,091,780 |
67,091,780 |
|||||||
Diluted |
61,991,117 |
67,572,038 |
67,572,038 |
|||||||
ADS equivalent outstanding at end |
61,635,280 |
59,976,690 |
59,976,690 |
|||||||
[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 |
||||||
2020 |
2021 |
2021 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
243,656 |
452,859 |
69,120 |
85.9% |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation |
37,319 |
8,409 |
1,283 |
(77.5%) |
|||||
Fair value fluctuation of available for |
(4) |
- |
- |
N.A. |
|||||
Comprehensive income |
280,971 |
461,268 |
70,403 |
64.2% |
|||||
Less: Comprehensive income (loss) |
626 |
(1,201) |
(183) |
N.A. |
|||||
Comprehensive income attributable to |
280,345 |
462,469 |
70,586 |
65.0% |
|||||
|
|||||
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
|||||
|
|
Change |
|||
Number of registered clients |
321,148 |
384,021 |
19.6% |
||
Number of relationship managers |
1,209 |
1,246 |
3.1% |
||
Number of cities under coverage in mainland |
78 |
82 |
5.1% |
||
Three months ended |
|||||
|
|
Change |
|||
(in millions of RMB, except number of active clients and |
|||||
Number of active clients[6] |
4,075 |
6,299 |
54.6% |
||
Number of active clients including mutual fund- |
16,831 |
27,846 |
65.4% |
||
Transaction value: |
|||||
Private equity products |
2,931 |
4,763 |
62.5% |
||
Public securities products |
19,111 |
21,509 |
12.5% |
||
Credit products |
183 |
- |
N.A. |
||
Other products |
969 |
820 |
(15.4%) |
||
Total transaction value |
23,194 |
27,092 |
16.8% |
||
[6] "Active clients" for a given period refers to registered high net worth clients who purchase investment products distributed or provided by Noah during that given period, excluding clients who only transacted on our online mutual fund platform. |
Noah Holdings Limited |
||||||||
Segment Condensed Income Statements |
||||||||
(unaudited) |
||||||||
Three months ended |
||||||||
Wealth |
Asset |
Other |
Total |
|||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
|||||
Revenues: |
||||||||
Revenues from others: |
||||||||
One-time commissions |
278,463 |
241 |
- |
278,704 |
||||
Recurring service fees |
219,319 |
1,194 |
- |
220,513 |
||||
Performance-based income |
276,524 |
- |
- |
276,524 |
||||
Other service fees |
14,017 |
1,390 |
8,306 |
23,713 |
||||
Total revenues from others |
788,323 |
2,825 |
8,306 |
799,454 |
||||
Revenues from funds Gopher manages: |
||||||||
One-time commissions |
16,270 |
29,876 |
- |
46,146 |
||||
Recurring service fees |
95,971 |
160,726 |
- |
256,697 |
||||
Performance-based income |
50,726 |
77,830 |
- |
128,556 |
||||
Total revenues from funds Gopher |
162,967 |
268,432 |
- |
431,399 |
||||
Total revenues |
951,290 |
271,257 |
8,306 |
1,230,853 |
||||
Less: VAT related surcharges |
(4,838) |
(1,229) |
(50) |
(6,117) |
||||
Net revenues |
946,452 |
270,028 |
8,256 |
1,224,736 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship manager compensation |
(206,790) |
(82) |
- |
(206,872) |
||||
Other compensations |
(215,289) |
(138,854) |
(21,110) |
(375,253) |
||||
Total compensation and benefits |
(422,079) |
(138,936) |
(21,110) |
(582,125) |
||||
Selling expenses |
(66,827) |
(12,001) |
(4,627) |
(83,455) |
||||
General and administrative expenses |
(55,924) |
(18,094) |
(6,267) |
(80,285) |
||||
Provision for credit losses |
- |
- |
(3,407) |
(3,407) |
||||
Other operating expenses |
(22,083) |
(1,805) |
(3,200) |
(27,088) |
||||
Government subsidies |
38,596 |
15,283 |
135 |
54,014 |
||||
Total operating costs and expenses |
(528,317) |
(155,553) |
(38,476) |
(722,346) |
||||
Income (loss) from operations |
418,135 |
114,475 |
(30,220) |
502,390 |
||||
|
|||||||
Segment Condensed Income Statements |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth Management Business |
Asset Management Business |
Other Businesses |
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 |
|||||||
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 |
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 |
(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 |
(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 |
|
|||||||
Supplement Revenue Information for Segment |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth |
Asset |
Other Businesses |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
697,471 |
187,621 |
8,306 |
893,398 |
|||
|
230,621 |
76,431 |
- |
307,052 |
|||
Others |
23,198 |
7,205 |
- |
30,403 |
|||
Total revenues |
951,290 |
271,257 |
8,306 |
1,230,853 |
Three months ended |
|||||||
Wealth |
Asset |
Other Businesses |
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 |
|
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(In RMB, except for per ADS data and percentages) |
|||||||
(unaudited) [7] |
|||||||
Three months ended |
|||||||
|
|
Change |
|||||
2020 |
2021 |
||||||
RMB'000 |
RMB'000 |
||||||
Net income attributable to Noah shareholders |
243,025 |
454,093 |
86.9% |
||||
Adjustment for share-based compensation |
18,291 |
10,144 |
(44.5%) |
||||
Less: Tax effect of adjustments |
4,235 |
2,354 |
(44.4%) |
||||
Adjusted net income attributable to Noah shareholders |
257,081 |
461,883 |
79.7% |
||||
Net margin attributable to Noah shareholders |
32.6% |
37.1% |
|||||
Non-GAAP net margin attributable to Noah shareholders |
34.5% |
37.7% |
|||||
Net income attributable to Noah shareholders per ADS, |
3.92 |
6.72 |
71.4% |
||||
Non-GAAP net income attributable to Noah shareholders |
4.15 |
6.84 |
64.8% |
||||
[7] Noah's Non-GAAP financial measures reflect the respective most directly comparable GAAP financial |
|||||||
View original content:http://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2021-301287584.html
SOURCE
Noah Holdings Limited, Sonia Han, Melo Xi, Ryan Teng, Tel: +86-21-8035-8294, ir@noahgroup.com