Noah Holdings Limited Announces Unaudited Financial Results for the Third Quarter of 2021
THIRD QUARTER 2021 FINANCIAL HIGHLIGHTS
- Net revenues for the third quarter of 2021 were
RMB908.9 million (US$141.1 million ), a 5.8% increase from the corresponding period in 2020, and a 1.1% increase from the second quarter of 2021.
(RMB millions, except percentages) |
Q3 2020 |
Q3 2021 |
YoY Change |
||||
Wealth management |
627.7 |
653.6 |
4.1% |
||||
Asset management |
222.4 |
241.3 |
8.5% |
||||
Other businesses |
9.0 |
14.0 |
56.4% |
||||
Total net revenues |
859.1 |
908.9 |
5.8% |
- Income from operations for the third quarter of 2021 was
RMB228.9 million (US$35.5 million ), a 34.1% decrease from the corresponding period in 2020, and a 31.8% decrease from the second quarter of 2021, due to our budgeted strategic investments on compensation and marketing activities.
(RMB millions, except percentages) |
Q3 2020 |
Q3 2021 |
YoY Change |
||||
Wealth management |
248.4 |
143.1 |
(42.4%) |
||||
Asset management |
113.7 |
117.2 |
3.0% |
||||
Other businesses |
(14.9) |
(31.4) |
112.2% |
||||
Total income from operations |
347.2 |
228.9 |
(34.1%) |
- Net income attributable to Noah shareholders for the third quarter of 2021 was
RMB273.2 million (US$42.4 million ), a 4.3% decrease from the corresponding period in 2020, and a 10.6% decrease from the second quarter of 2021. - Non-GAAP[1] net income attributable to Noah shareholders for the third quarter of 2021 was
RMB284.2 million (US$44.1 million ), a 4.2% decrease from the corresponding period in 2020, and a 15.7% decrease from the second quarter of 2021.
[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. |
THIRD 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
September 30, 2021 was 406,420, a 16.0% increase fromSeptember 30, 2020 and a 2.3% increase fromJune 30, 2021 . - Total number of active clients[2] which excluded mutual fund-only clients during the third quarter of 2021 was 5,606, a 25.5% increase from the corresponding period in 2020 and a 19.9% increase from the second quarter of 2021. Counting in mutual fund-only clients, the total number of clients who transacted with us during the third quarter of 2021 was 21,269, a 3.7% increase from the third quarter of 2020, and a 4.8% increase from the second quarter of 2021.
- Aggregate value of investment products distributed during the third quarter of 2021 was
RMB24.1 billion (US$3.7 billion ), a 16.4% decrease from the corresponding period in 2020, due to decreased distribution in mutual fund products and private equity products.
Product type |
Three months ended |
||||||
2020 |
2021 |
||||||
(RMB in billions, except percentages) |
|||||||
Mutual fund products |
12.3 |
42.6% |
8.9 |
37.2% |
|||
Private secondary products |
8.6 |
29.9% |
10.6 |
43.8% |
|||
Private equity products |
7.2 |
25.1% |
3.8 |
15.8% |
|||
Other products[3] |
0.7 |
2.4% |
0.8 |
3.2% |
|||
All products |
28.8 |
100.0% |
24.1 |
100.0% |
- Coverage network in mainland China covers 81 cities as of
September 30, 2021 , compared with 81 cities as ofJune 30, 2021 , and 79 cities as ofSeptember 30, 2020 . - Number of relationship managers was 1,322 as of
September 30, 2021 , a 4.3% increase fromJune 30, 2021 , and a 9.8% increase fromSeptember 30, 2020 .
[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] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others. |
Asset Management Business
Our asset management business is conducted through
- Total assets under management as of
September 30, 2021 remained relatively stable atRMB156.1 billion (US$24.2 billion ), as compared withJune 30, 2021 andSeptember 30, 2020 .
Investment type |
As of |
Growth |
Distribution/ Redemption |
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
127.7 |
81.9% |
3.1 |
0.4 |
130.4 |
83.5% |
|||||
Public securities[4] |
11.1 |
7.1% |
1.3 |
1.3 |
11.1 |
7.1% |
|||||
Real estate |
10.2 |
6.6% |
0.2 |
3.0 |
7.4 |
4.7% |
|||||
Multi-strategies |
5.5 |
3.5% |
0.5 |
0.2 |
5.8 |
3.8% |
|||||
Others |
1.4 |
0.9% |
- |
- |
1.4 |
0.9% |
|||||
All Investments |
155.9 |
100.0% |
5.1 |
4.9 |
156.1 |
100.0% |
[4] The asset allocation/redemption of public securities also includes market appreciation or depreciation. |
Other Businesses
Since the fourth quarter of 2020, we have been transitioning our other businesses segment to "Noah Digital Intelligence", with an aim to diversify distribution channels beyond our wealth management, and to provide more comprehensive services and investment products.
Ms.
THIRD QUARTER 2021 FINANCIAL RESULTS
Net Revenues
Net revenues for the third quarter of 2021 were
- Wealth Management Business
- Net revenues from one-time commissions for the third quarter of 2021 were
- Net revenues from recurring service fees for the third quarter of 2021 were
- Net revenues from performance-based income for the third quarter of 2021 were
- Net revenues from other service fees for the third quarter of 2021 were
- Asset Management Business
- Net revenues from recurring service fees for the third quarter of 2021 were
- Net revenues from performance-based income for the third quarter of 2021 were
- Other Businesses
- Net revenues for the third quarter of 2021 were
Operating Costs and Expenses
Operating costs and expenses for the third quarter of 2021 were
- Operating costs and expenses for the wealth management business for the third quarter of 2021 were
RMB510.5 million (US$79.2 million ), a 34.6% increase from the corresponding period in 2020, primarily due to an increase 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 2021 were
RMB124.2 million (US$19.3 million ), a 14.3% increase from the corresponding period in 2020, primarily due to an increase in compensation and benefits. - Operating costs and expenses for other businesses for the third quarter of 2021 were
RMB45.4 million (US$7.0 million ), a 90.7% increase from the corresponding period in 2020, primarily due to increased depreciation expenses for our newly purchased headquarter buildings.
Operating Margin
Operating margin for the third quarter of 2021 was 25.2%, compared with 40.4% for the corresponding period in 2020, primarily due to increased compensation and benefits as well as selling expenses.
- Operating margin for the wealth management business for the third quarter of 2021 was 21.9%, compared with 39.6% for the corresponding period in 2020, due to less expenses incurred in the corresponding periods of 2020 due to the COVID-19 pandemic as well as private equity products are no longer distributed through wealth management business, but rather invested in by asset management business.
- Operating margin for the asset management business for the third quarter of 2021 was 48.5%, compared with 51.1% for the corresponding period in 2020, due to an increase in compensation and benefits.
- Loss from operations for other businesses for the third quarter of 2021 was
RMB31.4 million (US$4.9 million ), compared with loss in the amount ofRMB14.8 million in the corresponding period in 2020 due to reduced loan origination and more expenses from our purchased headquarter buildings.
Investment Income
Investment income for the third quarter of 2021 was
Income Tax Expenses
Income tax expenses for the third quarter of 2021 were
Income from Equity in Affiliates
Income from equity in affiliates for the third quarter of 2021 was
Net Income
- Net Income
- Net income for the third quarter of 2021 was
- Net margin for the third quarter of 2021 was 29.9%, down from 33.0% for the corresponding period in 2020.
- Net income attributable to Noah shareholders for the third quarter of 2021 was
- Net margin attributable to Noah shareholders for the third quarter of 2021 was 30.1%, down from 33.2% for the corresponding period in 2020.
- Net income attributable to Noah shareholders per basic and diluted ADS for the third quarter of 2021 was
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the third quarter of 2021 was
- Non-GAAP net margin attributable to Noah shareholders for the third quarter of 2021 was 31.3%, down from 34.5% for the corresponding period in 2020.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2021 was
Balance Sheet and Cash Flow
As of
Net cash inflow from the Company's operating activities during the third quarter of 2021 was
Net cash outflow from the Company's investing activities during the third quarter of 2021 was
Net cash inflow 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 third quarter 2021 unaudited financial results and recent business activities.
The conference call may be accessed with the following details:
Conference call details |
|
Date/Time
|
Tuesday, November 23, 2021 at Wednesday, November 24, 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 Password |
1960485 |
A telephone replay will be available starting one hour after the end of the conference call until December 1, 2021 at +1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll). The replay access code is 10161700.
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, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,322 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 third 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 --
|
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(unaudited) |
|||||||
As of |
|||||||
|
|
|
|||||
2021 |
2021 |
2021 |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
2,686,422 |
2,829,481 |
439,129 |
||||
Restricted cash |
10,067 |
3,227 |
501 |
||||
Short-term investments |
96,050 |
108,313 |
16,810 |
||||
Accounts receivable, net |
470,265 |
504,113 |
78,237 |
||||
Loans receivable, net |
515,194 |
634,774 |
98,515 |
||||
Amounts due from related parties |
643,972 |
594,047 |
92,195 |
||||
Other current assets |
239,997 |
209,933 |
32,581 |
||||
Total current assets |
4,661,967 |
4,883,888 |
757,968 |
||||
Long-term investments, net |
554,280 |
665,237 |
103,243 |
||||
Investment in affiliates |
1,258,829 |
1,296,559 |
201,223 |
||||
Property and equipment, net |
2,642,584 |
2,619,768 |
406,582 |
||||
Operating lease right-of-use assets, net |
256,597 |
242,660 |
37,660 |
||||
Deferred tax assets |
223,801 |
223,803 |
34,734 |
||||
Other non-current assets |
199,232 |
171,114 |
26,556 |
||||
Total Assets |
9,797,290 |
10,103,029 |
1,567,966 |
||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Accrued payroll and welfare expenses |
491,716 |
514,420 |
79,837 |
||||
Income tax payable |
84,675 |
105,132 |
16,316 |
||||
Deferred revenues |
96,523 |
103,807 |
16,111 |
||||
Contingent liabilities |
460,315 |
444,935 |
69,053 |
||||
Other current liabilities |
554,383 |
529,049 |
82,107 |
||||
Total current liabilities |
1,687,612 |
1,697,343 |
263,424 |
||||
Operating lease liabilities, non-current |
169,167 |
155,882 |
24,193 |
||||
Deferred tax liabilities |
241,084 |
239,536 |
37,175 |
||||
Other non-current liabilities |
109,134 |
113,670 |
17,641 |
||||
Total Liabilities |
2,206,997 |
2,206,431 |
342,433 |
||||
Equity |
7,590,293 |
7,896,598 |
1,225,533 |
||||
Total Liabilities and Equity |
9,797,290 |
10,103,029 |
1,567,966 |
|
||||||||
Condensed Consolidated Income Statements |
||||||||
(In RMB'000, except for USD 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 |
125,000 |
183,733 |
28,515 |
47.0% |
||||
Recurring service fees |
200,075 |
259,364 |
40,253 |
29.6% |
||||
Performance-based income |
27,217 |
26,796 |
4,159 |
(1.5%) |
||||
Other service fees |
33,985 |
51,690 |
8,022 |
52.1% |
||||
Total revenues from others |
386,277 |
521,583 |
80,949 |
35.0% |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
71,112 |
32,113 |
4,984 |
(54.8%) |
||||
Recurring service fees |
363,274 |
309,532 |
48,039 |
(14.8%) |
||||
Performance-based income |
43,673 |
55,645 |
8,636 |
27.4% |
||||
Total revenues from funds |
478,059 |
397,290 |
61,659 |
(16.9%) |
||||
Total revenues |
864,336 |
918,873 |
142,608 |
6.3% |
||||
Less: VAT related surcharges |
(5,282) |
(9,958) |
(1,545) |
88.5% |
||||
Net revenues |
859,054 |
908,915 |
141,063 |
5.8% |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship managers |
(144,977) |
(178,589) |
(27,717) |
23.2% |
||||
Others |
(217,549) |
(281,220) |
(43,645) |
29.3% |
||||
Total compensation and |
(362,526) |
(459,809) |
(71,362) |
26.8% |
||||
Selling expenses |
(69,882) |
(114,307) |
(17,740) |
63.6% |
||||
General and administrative |
(61,656) |
(77,129) |
(11,970) |
25.1% |
||||
Provision for credit losses |
(5,166) |
(6,582) |
(1,022) |
27.4% |
||||
Other operating expenses |
(23,129) |
(33,030) |
(5,126) |
42.8% |
||||
Government grants |
10,552 |
10,804 |
1,677 |
2.4% |
||||
Total operating costs and |
(511,807) |
(680,053) |
(105,543) |
32.9% |
||||
Income from operations |
347,247 |
228,862 |
35,520 |
(34.1%) |
||||
Other income (expense): |
||||||||
Interest income |
12,080 |
16,156 |
2,507 |
33.7% |
||||
Investment income |
751 |
24,109 |
3,742 |
3,110.3% |
||||
Settlement expenses |
- |
(1,437) |
(223) |
N.A. |
||||
Other income (expense) |
4,041 |
(824) |
(128) |
N.A. |
||||
Total other income |
16,872 |
38,004 |
5,898 |
125.2% |
||||
Income before taxes and |
364,119 |
266,866 |
41,418 |
(26.7%) |
||||
Income tax expense |
(84,944) |
(60,045) |
(9,319) |
(29.3%) |
||||
Income from equity in affiliates |
4,652 |
64,536 |
10,016 |
1,287.3% |
||||
Net income |
283,827 |
271,357 |
42,115 |
(4.4%) |
||||
Less: net loss attributable to |
(1,789) |
(1,843) |
(286) |
3.0% |
||||
Net income attributable to |
285,616 |
273,200 |
42,401 |
(4.3%) |
||||
Income per ADS, basic |
4.63 |
4.06 |
0.63 |
(12.3%) |
||||
Income per ADS, diluted |
4.60 |
4.04 |
0.63 |
(12.2%) |
||||
Margin analysis: |
||||||||
Operating margin |
40.4% |
25.2% |
25.2% |
|||||
Net margin |
33.0% |
29.9% |
29.9% |
|||||
Weighted average ADS |
||||||||
Basic |
61,723,592 |
67,253,930 |
67,253,930 |
|||||
Diluted |
62,075,224 |
67,641,457 |
67,641,457 |
|||||
ADS equivalent outstanding at |
61,752,197 |
60,132,192 |
60,132,192 |
|||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two |
|
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Three months ended |
|||||||||
September |
September |
September |
Change |
||||||
2020 |
2021 |
2021 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
283,827 |
271,357 |
42,115 |
(4.4%) |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
(108,684) |
(32,357) |
(5,022) |
(70.2%) |
|||||
Fair value fluctuation of available for sale |
- |
109 |
17 |
N.A. |
|||||
Comprehensive income |
175,143 |
239,109 |
37,110 |
36.5% |
|||||
Less: Comprehensive loss attributable to |
(1,694) |
(1,845) |
(286) |
8.9% |
|||||
Comprehensive income attributable to |
176,837 |
240,954 |
37,396 |
36.3% |
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
|||||
|
|
Change |
|||
Number of registered clients |
350,409 |
406,420 |
16.0% |
||
Number of relationship managers |
1,204 |
1,322 |
9.8% |
||
Number of cities in mainland China under |
79 |
81 |
2.5% |
||
Three months ended |
|||||
|
|
Change |
|||
(in millions of RMB, except number of active clients and percentages) |
|||||
Number of active clients |
4,466 |
5,606 |
25.5% |
||
Number of active clients including mutual |
20,509 |
21,269 |
3.7% |
||
Transaction value: |
|||||
Private equity products |
7,222 |
3,793 |
(47.5%) |
||
Private secondary products |
8,598 |
10,545 |
22.6% |
||
Mutual fund products |
12,246 |
8,942 |
(27.0%) |
||
Other products |
714 |
787 |
10.2% |
||
Total transaction value |
28,780 |
24,067 |
(16.4%) |
|
|||||||
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 |
183,733 |
- |
- |
183,733 |
|||
Recurring service fees |
259,364 |
- |
- |
259,364 |
|||
Performance-based income |
26,796 |
- |
- |
26,796 |
|||
Other service fees |
30,856 |
- |
20,834 |
51,690 |
|||
Total revenues from others |
500,749 |
- |
20,834 |
521,583 |
|||
Revenues from funds Gopher manages |
|||||||
One-time commissions |
10,784 |
21,329 |
- |
32,113 |
|||
Recurring service fees |
133,173 |
176,359 |
- |
309,532 |
|||
Performance-based income |
11,080 |
44,565 |
- |
55,645 |
|||
Total revenues from funds Gopher |
155,037 |
242,253 |
- |
397,290 |
|||
Total revenues |
655,786 |
242,253 |
20,834 |
918,873 |
|||
Less: VAT related surcharges |
(2,215) |
(899) |
(6,844) |
(9,958) |
|||
Net revenues |
653,571 |
241,354 |
13,990 |
908,915 |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship managers |
(172,469) |
(6,120) |
- |
(178,589) |
|||
Others |
(179,230) |
(89,733) |
(12,257) |
(281,220) |
|||
Total compensation and benefits |
(351,699) |
(95,853) |
(12,257) |
(459,809) |
|||
Selling expenses |
(92,288) |
(13,584) |
(8,435) |
(114,307) |
|||
General and administrative |
(57,096) |
(13,669) |
(6,364) |
(77,129) |
|||
Provision for credit losses |
(3,799) |
(701) |
(2,082) |
(6,582) |
|||
Other operating expenses |
(16,268) |
(431) |
(16,331) |
(33,030) |
|||
Government grants |
10,674 |
30 |
100 |
10,804 |
|||
Total operating costs and expenses |
(510,476) |
(124,208) |
(45,369) |
(680,053) |
|||
Income (loss) from operations |
143,095 |
117,146 |
(31,379) |
228,862 |
|
|||||||
Segment Condensed Income Statements |
|||||||
(unaudited) |
|||||||
Three months ended September30, 2020 |
|||||||
Wealth |
Asset |
||||||
Management |
Management |
Other |
|||||
Business |
Business |
Businesses |
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 |
|||||||
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 manages |
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 |
|
|||||||
Supplement Revenue Information by Geography |
|||||||
(unaudited)
|
|||||||
Three months ended |
|||||||
Wealth Business |
Asset Business |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
482,033 |
165,602 |
20,834 |
668,469 |
|||
|
139,503 |
67,426 |
- |
206,929 |
|||
Others |
34,250 |
9,225 |
- |
43,475 |
|||
Total revenues |
655,786 |
242,253 |
20,834 |
918,873 |
Three months ended |
|||||||
Wealth Business |
Asset Business |
Other |
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 |
|
|||||||
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 |
285,616 |
273,200 |
(4.3%) |
||||
Adjustment for share-based compensation |
14,351 |
12,423 |
(13.4%) |
||||
Add: settlement expenses |
- |
1,437 |
N.A. |
||||
Less: tax effect of adjustments |
3,408 |
2,879 |
(15.5%) |
||||
Adjusted net income attributable to Noah shareholders |
296,559 |
284,181 |
(4.2%) |
||||
Net margin attributable to Noah shareholders |
33.2% |
30.1% |
|||||
Non-GAAP net margin attributable to Noah shareholders |
34.5% |
31.3% |
|||||
Net income attributable to Noah shareholders per ADS, |
4.60 |
4.04 |
(12.2%) |
||||
Non-GAAP net income attributable to Noah shareholders |
4.78 |
4.20 |
(12.1%) |
||||
View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-third-quarter-of-2021-301430796.html
SOURCE
Noah Holdings Limited, Sonia Han, Tel: +86-21-8035-8372, ir@noahgroup.com