Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2021
SECOND QUARTER 2021 FINANCIAL HIGHLIGHTS
- Net revenues for the second quarter of 2021 were
RMB899.4 million (US$139.3 million ), a 20.3% increase from the corresponding period in 2020 due to increased one-time commissions as well as recurring service fees.
(RMB millions, except percentages) |
Q2 2020 |
Q2 2021 |
YoY Change |
||||
Wealth management |
542.8 |
625.6 |
15.3% |
||||
Asset management |
181.6 |
256.3 |
41.1% |
||||
Other businesses |
23.0 |
17.5 |
(23.9%) |
||||
Total net revenues |
747.4 |
899.4 |
20.3% |
- Income from operations for the second quarter of 2021 was
RMB335.4 million (US$51.9 million ), a 5.0% increase from the corresponding period in 2020.
(RMB millions, except percentages) |
Q2 2020 |
Q2 2021 |
YoY Change |
||||
Wealth management |
196.6 |
176.7 |
(10.1%) |
||||
Asset management |
100.8 |
172.8 |
71.4% |
||||
Other businesses |
22.1 |
(14.1) |
N.A. |
||||
Total income from operations |
319.5 |
335.4 |
5.0% |
- Net income attributable to Noah shareholders for the second quarter of 2021 was
RMB305.5 million (US$47.3 million ), a 2.0% increase from the corresponding period in 2020. - Non-GAAP[1] net income attributable to Noah shareholders for the second quarter of 2021 was
RMB337.0 million (US$52.2 million ), a 7.5% increase from the corresponding period in 2020.
[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 share-based 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. |
SECOND 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
June 30, 2021 was 397,235, a 19.6% increase fromJune 30, 2020 , and a 3.4% increase fromMarch 31, 2021 . - Total number of active clients[2] which excluded mutual fund-only clients during the second quarter of 2021 was 4,676, a 38.9% increase from the second quarter of 2020, and a 25.8% decrease from the first quarter of 2021. Counting in mutual fund-only clients, the total number of clients who transacted with us during the second quarter of 2021 was 20,290, a 38.0% increase from the second quarter of 2020, and a 27.1% decrease from the first quarter of 2021.
- Aggregate value of investment products distributed during the second quarter of 2021 was RMB25.0 billion (
US$3.9 billion ), a 16.6% increase from the second quarter of 2020.
[2] "Active clients" for a given period refers to registered high net worth investors who purchase investment products distributed or provided by Noah during that given period, excluding clients who transacted only on our online mutual fund platform. |
Three months ended |
|||||||
2020 |
2021 |
||||||
Product type |
(RMB in billions, except percentages) |
||||||
Private equity products |
2.5 |
11.9% |
6.5 |
25.9% |
|||
Private secondary products[3] |
7.2 |
33.4% |
7.7 |
30.8% |
|||
Mutual fund products |
10.8 |
50.4% |
9.4 |
37.5% |
|||
Other products[4] |
0.9 |
4.3% |
1.4 |
5.8% |
|||
All products |
21.4 |
100.0% |
25.0 |
100.0% |
|||
[3] "Private secondary products" refers to privately raised investment products that invest in publicly traded securities, and |
|||||||
[4] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and |
- Coverage network in mainland China covers 81 cities as of
June 30, 2021 , compared with 78 cities as ofJune 30, 2020 and 82 cities as ofMarch 31, 2021 . - Number of relationship managers was 1,268 as of
June 30, 2021 , a 6.0% increase fromJune 30, 2020 , and a 1.8% increase fromMarch 31, 2021 . The turnover rate of core "elite" relationship managers was 1.7%, compared with 1.4% as ofJune 30, 2020 .
Asset Management Business
Our asset management business is conducted through
- Total assets under management as of
June 30, 2021 wereRMB155.9 billion (US$24.1 billion ), a 1.2% increase fromMarch 31, 2021 and a 2.2% decrease fromJune 30, 2020 .
Investment type |
As of |
|
|
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
121.9 |
79.1% |
5.8 |
- |
127.7 |
81.9% |
|||||
Public securities[5] |
10.5 |
6.8% |
1.5 |
0.9 |
11.1 |
7.1% |
|||||
Real estate |
10.7 |
7.0% |
- |
0.5 |
10.2 |
6.6% |
|||||
Multi-strategies |
5.9 |
3.8% |
0.1 |
0.5 |
5.5 |
3.5% |
|||||
Others |
5.1 |
3.3% |
- |
3.7 |
1.4 |
0.9% |
|||||
All Investments |
154.1 |
100.0% |
7.4 |
5.6 |
155.9 |
100.0% |
|||||
[5] The asset distribution/redemption of public securities also includes market appreciation or depreciation. |
Other Businesses
Since the fourth quarter of 2020, our other businesses segment has been transitioning to "Noah Digital Intelligence", aiming to diversify distribution channels beyond our wealth management, and to provide more comprehensive services and investment products.
Ms.
SECOND QUARTER 2021 FINANCIAL RESULTS
Net Revenues
Net revenues for the second quarter of 2021 were
- Wealth Management Business
- Net revenues from one-time commissions for the second quarter of 2021 were
RMB215.3 million (US$33.4 million ), a 70.9% increase from the corresponding period in 2020, primarily due to increased transaction value as well as the distribution of higher one-time commission rates products. - Net revenues from recurring service fees for the second quarter of 2021 were
RMB340.0 million (US$52.7 million ), a 9.6% increase from the corresponding period in 2020, mainly due to cumulative effect of investment products with recurring service fees previously distributed. - Net revenues from performance-based income for the second quarter of 2021 were
RMB55.6 million (US$8.6 million ), a 25.3% decrease from the corresponding period of 2020, primarily due to less performance-based income from public securities products. - Net revenues from other service fees for the second quarter of 2021 were
RMB14.6 million (US$2.3 million ), a 54.5% decrease from the corresponding period in 2020, primarily due to less value-added services Noah offers to its high net worth clients during the COVID-19 epidemic. - Asset Management Business
- Net revenues from recurring service fees for the second quarter of 2021 were
RMB158.5 million (US$24.5 million ), a 3.4% decrease from the corresponding period in 2020. - Net revenues from performance-based income for the second quarter of 2021 were
RMB66.3 million (US$10.3 million ), a 311.8% increase from the corresponding period in 2020, primarily due to an increase in performance-based income from real estate products and offshore private equity products. - Other Businesses
- Net revenues for the second quarter of 2021 were
RMB17.5 million (US$2.7 million ), a 23.9% decrease from the corresponding period in 2020. The decrease was primarily due to reduced loan origination since the second half of 2020 as well as the ongoing impact of COVID-19.
Operating Costs and Expenses
Operating costs and expenses for the second quarter of 2021 were
- Operating costs and expenses for the wealth management business for the second quarter of 2021 were
RMB448.9 million (US$69.5 million ), a 29.7% increase from the corresponding period in 2020, primarily due to an increase in compensation and benefits in line with increased transaction value and selling expenses. - Operating costs and expenses for the asset management business for the second quarter of 2021 were
RMB83.4 million (US$12.9 million ), a 3.2% increase from the corresponding period in 2020, primarily due to increased compensation and benefits as well as expenses and offset by more government grants received. - Operating costs and expenses for other businesses for the second quarter of 2021 were
RMB31.7 million (US$4.9 million ), compared withRMB0.8 million from the corresponding period in 2020, primarily due to increased depreciation expenses for our newly purchased headquarter buildings as well as less government grants received compared with corresponding period in 2020.
Operating Margin
Operating margin for the second quarter of 2021 was 37.3%, decreased from 42.7% for the corresponding period in 2020.
- Operating margin for the wealth management business for the second quarter of 2021 was 28.2%, compared with 36.2% for the corresponding period in 2020, due to less expenses incurred in the first half year of 2020 due to the COVID-19 pandemic as well as private equity products distribution business transferred to asset management business.
- Operating margin for the asset management business for the second quarter of 2021 was 67.4%, compared with 55.5% for the corresponding period in 2020, due to revenue recognition of private equity products transferred from wealth management business to asset management business since the fourth quarter of 2020 as well as more performance-based income in this quarter.
- Loss from operation for other businesses for the second quarter of 2021 was
RMB14.1 million (US$2.2 million ), compared with an operating income ofRMB22.1 million for the corresponding period in 2020.
Investment Income
Investment income for the second quarter of 2021 was
Income Tax Expenses
Income tax expenses for the second quarter of 2021 were
Income from Equity in Affiliates
Income from equity in affiliates for the second quarter of 2021 was
Net Income
- Net Income
- Net income for the second quarter of 2021 was
RMB308.0 million (US$47.7 million ), a 2.0% increase from the corresponding period in 2020. - Net margin for the second quarter of 2021 was 34.2%, down from 40.4% for the corresponding period in 2020.
- Net income attributable to Noah shareholders for the second quarter of 2021 was
RMB305.5 million (US$47.3 million ), a 2.0% increase from the corresponding period in 2020. - Net margin attributable to Noah shareholders for the second quarter of 2021 was 34.0%, down from 40.1% for the corresponding period in 2020.
- Net income attributable to Noah shareholders per basic and diluted ADS for the second quarter of 2021 was
RMB4.56 (US$0.71 ) andRMB4.53 (US$0.70 ), respectively, down fromRMB4.86 andRMB4.84 respectively, for the corresponding period in 2020. - Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the second quarter of 2021 was
RMB337.0 million (US$52.2 million ), a 7.5% increase from the corresponding period in 2020. - Non-GAAP net margin attributable to Noah shareholders for the second quarter of 2021 was 37.5%, compared with 42.0% for the corresponding period in 2020.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the second quarter of 2021 was
RMB5.00 (US$0.77 ), down fromRMB5.06 for the corresponding period in 2020.
Balance Sheet and Cash Flow
As of
Net cash inflow from the Company's operating activities during the second quarter of 2021 was
Net cash outflow from the Company's investing activities during the second quarter of 2021 was
Net cash outflow from the Company's financing activities was
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 second quarter 2021 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: |
Noah Holdings 2Q21 Earnings Conference Call |
Participant Password: |
7553238 |
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 Announcements & 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, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,268 relationship managers in 81 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 second quarter of 2021 ended
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Contacts:
Noah Holdings Limited
Tel: +86-21-8035-8294
ir@noahgroup.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings Limited |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(unaudited) |
|||||||
As of |
|||||||
|
|
|
|||||
2021 |
2021 |
2021 |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
4,904,316 |
2,686,422 |
416,074 |
||||
Restricted cash |
9,995 |
10,067 |
1,559 |
||||
Short-term investments |
143,140 |
96,050 |
14,876 |
||||
Accounts receivable, net |
444,421 |
470,265 |
72,835 |
||||
Loans receivable, net |
407,595 |
515,194 |
79,793 |
||||
Amounts due from related parties |
715,396 |
643,972 |
99,739 |
||||
Other current assets |
203,938 |
239,997 |
37,171 |
||||
Total current assets |
6,828,801 |
4,661,967 |
722,047 |
||||
Long-term investments, net |
556,166 |
554,280 |
85,847 |
||||
Investment in affiliates |
1,268,909 |
1,258,829 |
194,968 |
||||
Property and equipment, net |
235,974 |
2,642,584 |
409,284 |
||||
Operating lease right-of-use assets, net |
268,395 |
256,597 |
39,742 |
||||
Deferred tax assets |
223,783 |
223,801 |
34,662 |
||||
Other non-current assets |
214,807 |
199,232 |
30,858 |
||||
Total Assets |
9,596,835 |
9,797,290 |
1,517,408 |
||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Accrued payroll and welfare expenses |
844,021 |
491,716 |
76,157 |
||||
Income tax payable |
244,518 |
84,675 |
13,114 |
||||
Deferred revenues |
85,143 |
96,523 |
14,950 |
||||
Contingent liabilities |
532,612 |
460,315 |
71,294 |
||||
Other current liabilities |
448,127 |
554,383 |
85,863 |
||||
Total current liabilities |
2,154,421 |
1,687,612 |
261,378 |
||||
Operating lease liabilities, non-current |
180,308 |
169,167 |
26,201 |
||||
Deferred tax liabilities |
46,139 |
241,084 |
37,339 |
||||
Other non-current liabilities |
844 |
109,134 |
16,903 |
||||
Total Liabilities |
2,381,712 |
2,206,997 |
341,821 |
||||
Equity |
7,215,123 |
7,590,293 |
1,175,587 |
||||
Total Liabilities and Equity |
9,596,835 |
9,797,290 |
1,517,408 |
|
||||||||
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 |
117,085 |
195,891 |
30,340 |
67.3% |
||||
Recurring service fees |
152,253 |
218,988 |
33,917 |
43.8% |
||||
Performance-based income |
57,206 |
46,468 |
7,197 |
(18.8%) |
||||
Other service fees |
56,197 |
32,283 |
5,000 |
(42.6%) |
||||
Total revenues from others |
382,741 |
493,630 |
76,454 |
29.0% |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
10,431 |
52,377 |
8,112 |
402.1% |
||||
Recurring service fees |
324,174 |
282,333 |
43,728 |
(12.9%) |
||||
Performance-based income |
33,766 |
76,101 |
11,787 |
125.4% |
||||
Total revenues from funds Gopher |
368,371 |
410,811 |
63,627 |
11.5% |
||||
Total revenues |
751,112 |
904,441 |
140,081 |
20.4% |
||||
Less: VAT related surcharges |
(3,674) |
(5,052) |
(782) |
37.5% |
||||
Net revenues |
747,438 |
899,389 |
139,299 |
20.3% |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship managers |
(113,044) |
(153,275) |
(23,739) |
35.6% |
||||
Others |
(217,805) |
(242,507) |
(37,560) |
11.3% |
||||
Total compensation and benefits |
(330,849) |
(395,782) |
(61,299) |
19.6% |
||||
Selling expenses |
(62,622) |
(99,463) |
(15,405) |
58.8% |
||||
General and administrative expenses |
(68,502) |
(77,892) |
(12,064) |
13.7% |
||||
Provision for credit losses |
(1,897) |
(2,112) |
(327) |
11.3% |
||||
Other operating expenses |
(20,715) |
(28,082) |
(4,349) |
35.6% |
||||
Government grants |
56,651 |
39,300 |
6,087 |
(30.6%) |
||||
Total operating costs and expenses |
(427,934) |
(564,031) |
(87,357) |
31.8% |
||||
Income from operations |
319,504 |
335,358 |
51,942 |
5.0% |
||||
Other income: |
||||||||
Interest income |
10,530 |
18,212 |
2,821 |
73.0% |
||||
Investment income |
4,711 |
3,487 |
540 |
(26.0%) |
||||
Settlement expenses |
- |
(19,190) |
(2,972) |
N.A. |
||||
Other income (expenses) |
4,298 |
(14,617) |
(2,264) |
N.A. |
||||
Total other income (expenses) |
19,539 |
(12,108) |
(1,875) |
N.A. |
||||
Income before taxes and income from |
339,043 |
323,250 |
50,067 |
(4.7%) |
||||
Income tax expense |
(77,810) |
(68,720) |
(10,643) |
(11.7%) |
||||
Income from equity in affiliates |
40,693 |
53,420 |
8,274 |
31.3% |
||||
Net income |
301,926 |
307,950 |
47,698 |
2.0% |
||||
Less: net income attributable to non- |
2,285 |
2,424 |
375 |
6.1% |
||||
Net income attributable to Noah |
299,641 |
305,526 |
47,323 |
2.0% |
||||
Income per ADS, basic |
4.86 |
4.56 |
0.71 |
(6.2%) |
||||
Income per ADS, diluted |
4.84 |
4.53 |
0.70 |
(6.4%) |
||||
Margin analysis: |
||||||||
Operating margin |
42.7% |
37.3% |
37.3% |
|||||
Net margin |
40.4% |
34.2% |
34.2% |
|||||
Weighted average ADS equivalent[1]: |
||||||||
Basic |
61,661,522 |
66,993,114 |
66,993,114 |
|||||
Diluted |
61,921,913 |
67,449,200 |
67,449,200 |
|||||
ADS equivalent outstanding at end of |
61,698,055 |
60,080,070 |
60,080,070 |
|||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs. |
|
||||||||||
Condensed Consolidated Income Statements |
||||||||||
(In RMB'000, except for USD data, per ADS data and percentages) |
||||||||||
(unaudited) |
||||||||||
Six months ended |
||||||||||
|
|
|
Change |
|||||||
2020 |
2021 |
2021 |
||||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Revenues from others: |
||||||||||
One-time commissions |
324,270 |
474,595 |
73,505 |
46.4% |
||||||
Recurring service fees |
300,710 |
439,501 |
68,070 |
46.2% |
||||||
Performance-based income |
71,824 |
322,992 |
50,025 |
349.7% |
||||||
Other service fees |
122,805 |
55,996 |
8,673 |
(54.4%) |
||||||
Total revenues from others |
819,609 |
1,293,084 |
200,273 |
57.8% |
||||||
Revenues from funds Gopher |
||||||||||
One-time commissions |
15,180 |
98,523 |
15,259 |
549.0% |
||||||
Recurring service fees |
627,624 |
539,030 |
83,485 |
(14.1%) |
||||||
Performance-based income |
38,941 |
204,657 |
31,697 |
425.6% |
||||||
Total revenues from funds |
681,745 |
842,210 |
130,441 |
23.5% |
||||||
Total revenues |
1,501,354 |
2,135,294 |
330,714 |
42.2% |
||||||
Less: VAT related surcharges |
(7,799) |
(11,169) |
(1,730) |
43.2% |
||||||
Net revenues |
1,493,555 |
2,124,125 |
328,984 |
42.2% |
||||||
Operating costs and expenses: |
||||||||||
Compensation and benefits |
||||||||||
Relationship managers |
(283,096) |
(360,147) |
(55,780) |
27.2% |
||||||
Others |
(412,592) |
(617,760) |
(95,679) |
49.7% |
||||||
Total compensation and |
(695,688) |
(977,907) |
(151,459) |
40.6% |
||||||
Selling expenses |
(107,162) |
(182,918) |
(28,330) |
70.7% |
||||||
General and administrative |
(132,187) |
(158,177) |
(24,498) |
19.7% |
||||||
Provision for credit losses |
(4,706) |
(5,519) |
(855) |
17.3% |
||||||
Other operating expenses |
(53,332) |
(55,170) |
(8,545) |
3.4% |
||||||
Government grants |
75,286 |
93,314 |
14,452 |
23.9% |
||||||
Total operating costs and |
(917,789) |
(1,286,377) |
(199,235) |
40.2% |
||||||
Income from operations |
575,766 |
837,748 |
129,749 |
45.5% |
||||||
Other income: |
||||||||||
Interest income |
32,700 |
41,139 |
6,372 |
25.8% |
||||||
Investment income |
22,277 |
37,848 |
5,862 |
69.9% |
||||||
Settlement expenses |
- |
(19,190) |
(2,972) |
N.A. |
||||||
Other income (expense) |
5,156 |
(15,103) |
(2,339) |
N.A. |
||||||
Total other income |
60,133 |
44,694 |
6,923 |
(25.7%) |
||||||
Income before taxes and |
635,899 |
882,442 |
136,672 |
38.8% |
||||||
Income tax expense |
(146,086) |
(198,566) |
(30,754) |
35.9% |
||||||
Income from equity in affiliates |
55,769 |
76,933 |
11,915 |
37.9% |
||||||
Net income |
545,582 |
760,809 |
117,833 |
39.4% |
||||||
Less: net income attributable to |
2,916 |
1,190 |
184 |
(59.2%) |
||||||
Net income attributable to |
542,666 |
759,619 |
117,649 |
40.0% |
||||||
Income per ADS, basic |
8.80 |
11.33 |
1.75 |
28.8% |
||||||
Income per ADS, diluted |
8.76 |
11.25 |
1.74 |
28.4% |
||||||
Margin analysis: |
||||||||||
Operating margin |
38.6% |
39.4% |
39.4% |
|||||||
Net margin |
36.5% |
35.8% |
35.8% |
|||||||
Weighted average ADS |
||||||||||
Basic |
61,640,688 |
67,042,174 |
67,042,174 |
|||||||
Diluted |
61,949,755 |
67,497,514 |
67,497,514 |
|||||||
ADS equivalent outstanding at |
61,698,055 |
60,080,070 |
60,080,070 |
|||||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs. |
Noah Holdings Limited |
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Three months ended |
|||||||||
|
|
|
Change |
||||||
2020 |
2021 |
2021 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
301,926 |
307,950 |
47,698 |
2.0% |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
(7,160) |
(22,809) |
(3,533) |
218.6% |
|||||
Fair value fluctuation of available for sale |
775 |
134 |
21 |
(82.7%) |
|||||
Comprehensive income |
295,541 |
285,275 |
44,186 |
(3.5%) |
|||||
Less: Comprehensive income attributable |
2,326 |
2,411 |
373 |
3.7% |
|||||
Comprehensive income attributable to |
293,215 |
282,864 |
43,813 |
(3.5%) |
|||||
|
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Six months ended |
|||||||||
|
|
|
Change |
||||||
2020 |
2021 |
2021 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
545,582 |
760,809 |
117,833 |
39.4% |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
30,159 |
(14,400) |
(2,230) |
N.A. |
|||||
Fair value fluctuation of available for sale |
771 |
134 |
21 |
(82.6%) |
|||||
Comprehensive income |
576,512 |
746,543 |
115,624 |
29.5% |
|||||
Less: Comprehensive income attributable |
2,952 |
1,210 |
187 |
(59.0%) |
|||||
Comprehensive income attributable to |
573,560 |
745,333 |
115,437 |
29.9% |
|
|||||
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
|||||
|
|
Change |
|||
Number of registered clients |
332,157 |
397,235 |
19.6% |
||
Number of relationship managers |
1,196 |
1,268 |
6.0% |
||
Number of cities in mainland China under coverage |
78 |
81 |
3.8% |
||
Three months ended |
|||||
|
|
Change |
|||
(in millions of RMB, except number of active clients and |
|||||
Number of active clients |
3,367 |
4,676 |
38.9% |
||
Number of active clients including mutual fund clients |
14,703 |
20,290 |
38.0% |
||
Transaction value: |
|||||
Private equity products |
2,551 |
6,472 |
153.7% |
||
Private secondary products |
7,162 |
7,708 |
7.6% |
||
Mutual fund products |
10,809 |
9,375 |
(13.3%) |
||
Other products |
921 |
1,446 |
57.0% |
||
Total transaction value |
21,443 |
25,001 |
16.6% |
Noah Holdings Limited |
|||||||
Segment Condensed Income Statements |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth |
Asset |
||||||
Management |
Management |
Other |
|||||
Business |
Business |
Businesses |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Revenues from others |
|||||||
One-time commissions |
195,891 |
- |
- |
195,891 |
|||
Recurring service fees |
218,988 |
- |
- |
218,988 |
|||
Performance-based income |
46,468 |
- |
- |
46,468 |
|||
Other service fees |
14,665 |
- |
17,618 |
32,283 |
|||
Total revenues from others |
476,012 |
- |
17,618 |
493,630 |
|||
Revenues from funds Gopher |
|||||||
One-time commissions |
20,705 |
31,672 |
- |
52,377 |
|||
Recurring service fees |
123,031 |
159,302 |
- |
282,333 |
|||
Performance-based income |
9,507 |
66,594 |
- |
76,101 |
|||
Total revenues from funds |
153,243 |
257,568 |
- |
410,811 |
|||
Total revenues |
629,255 |
257,568 |
17,618 |
904,441 |
|||
Less: VAT related surcharges |
(3,665) |
(1,299) |
(88) |
(5,052) |
|||
Net revenues |
625,590 |
256,269 |
17,530 |
899,389 |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship managers |
(149,874) |
(3,401) |
- |
(153,275) |
|||
Others |
(154,463) |
(74,017) |
(14,027) |
(242,507) |
|||
Total compensation and |
(304,337) |
(77,418) |
(14,027) |
(395,782) |
|||
Selling expenses |
(82,726) |
(10,496) |
(6,241) |
(99,463) |
|||
General and administrative |
(54,091) |
(16,676) |
(7,125) |
(77,892) |
|||
Provision for credit losses |
- |
- |
(2,112) |
(2,112) |
|||
Other operating expenses |
(12,758) |
(1,424) |
(13,900) |
(28,082) |
|||
Government grants |
4,997 |
22,579 |
11,724 |
39,300 |
|||
Total operating costs and |
(448,915) |
(83,435) |
(31,681) |
(564,031) |
|||
Income (loss) from operations |
176,675 |
172,834 |
(14,151) |
335,358 |
|
|||||||
Segment Condensed Income Statements |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth Business |
Asset Business |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Revenues from others |
|||||||
One-time commissions |
116,719 |
366 |
- |
117,085 |
|||
Recurring service fees |
151,607 |
646 |
- |
152,253 |
|||
Performance-based income |
57,206 |
- |
- |
57,206 |
|||
Other service fees |
32,163 |
627 |
23,407 |
56,197 |
|||
Total revenues from others |
357,695 |
1,639 |
23,407 |
382,741 |
|||
Revenues from funds Gopher manages |
|||||||
One-time commissions |
9,860 |
571 |
- |
10,431 |
|||
Recurring service fees |
160,202 |
163,972 |
- |
324,174 |
|||
Performance-based income |
17,613 |
16,153 |
- |
33,766 |
|||
Total revenues from funds Gopher |
187,675 |
180,696 |
- |
368,371 |
|||
Total revenues |
545,370 |
182,335 |
23,407 |
751,112 |
|||
Less: VAT related surcharges |
(2,560) |
(693) |
(421) |
(3,674) |
|||
Net revenues |
542,810 |
181,642 |
22,986 |
747,438 |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship managers |
(113,044) |
- |
- |
(113,044) |
|||
Others |
(129,238) |
(70,395) |
(18,172) |
(217,805) |
|||
Total compensation and benefits |
(242,282) |
(70,395) |
(18,172) |
(330,849) |
|||
Selling expenses |
(49,302) |
(8,407) |
(4,913) |
(62,622) |
|||
General and administrative |
(51,735) |
(12,994) |
(3,773) |
(68,502) |
|||
Provision for credit losses |
- |
- |
(1,897) |
(1,897) |
|||
Other operating expenses |
(17,796) |
(1,614) |
(1,305) |
(20,715) |
|||
Government grants |
14,868 |
12,549 |
29,234 |
56,651 |
|||
Total operating costs and expenses |
(346,247) |
(80,861) |
(826) |
(427,934) |
|||
Income from operations |
196,563 |
100,781 |
22,160 |
319,504 |
|
|||||||
Supplement Revenue Information by Geography |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth |
Asset |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
450,226 |
209,183 |
17,618 |
677,027 |
|||
|
143,309 |
38,942 |
- |
182,251 |
|||
Others |
35,720 |
9,443 |
- |
45,163 |
|||
Total revenues |
629,255 |
257,568 |
17,618 |
904,441 |
|||
Three months ended |
|||||||
Wealth |
Asset |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
392,284 |
150,489 |
23,407 |
566,180 |
|||
|
121,176 |
28,052 |
- |
149,228 |
|||
Others |
31,910 |
3,794 |
- |
35,704 |
|||
Total revenues |
545,370 |
182,335 |
23,407 |
751,112 |
|
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(In RMB, except for per ADS data and percentages) |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
|
|
Change |
|||||
2020 |
2021 |
||||||
RMB'000 |
RMB'000 |
||||||
Net income attributable to Noah shareholders |
299,641 |
305,526 |
2.0% |
||||
Adjustment for share-based compensation |
18,106 |
16,034 |
(11.4%) |
||||
Add: settlement expense |
- |
19,190 |
N.A. |
||||
Less: tax effect of adjustments |
4,193 |
3,720 |
(11.3%) |
||||
Adjusted net income attributable to Noah shareholders |
313,554 |
337,030 |
7.5% |
||||
Net margin attributable to Noah shareholders |
40.1% |
34.0% |
|||||
Non-GAAP net margin attributable to Noah shareholders |
42.0% |
37.5% |
|||||
Net income attributable to Noah shareholders per ADS, |
4.84 |
4.53 |
(6.4%) |
||||
Non-GAAP net income attributable to Noah shareholders |
5.06 |
5.00 |
(1.2%) |
||||
|
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(In RMB, except for per ADS data and percentages) |
|||||||
(unaudited) |
|||||||
Six months ended |
|||||||
|
|
Change |
|||||
2020 |
2021 |
||||||
RMB'000 |
RMB'000 |
||||||
Net income attributable to Noah shareholders |
542,666 |
759,619 |
40.0% |
||||
Adjustment for share-based compensation |
36,397 |
26,178 |
(28.1%) |
||||
Add: settlement expense |
- |
19,190 |
N.A. |
||||
Less: tax effect of adjustments |
8,428 |
6,074 |
(27.9%) |
||||
Adjusted net income attributable to Noah shareholders |
570,635 |
798,913 |
40.0% |
||||
Net margin attributable to Noah shareholders |
36.3% |
35.8% |
|||||
Non-GAAP net margin attributable to Noah shareholders |
38.2% |
37.6% |
|||||
Net income attributable to Noah shareholders per ADS, |
8.76 |
11.25 |
28.4% |
||||
Non-GAAP net income attributable to Noah shareholders |
9.21 |
11.84 |
28.6% |
View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2021-301356627.html
SOURCE