Noah Holdings Limited Announces Unaudited Financial Results for the First Quarter of 2022
FIRST QUARTER 2022 FINANCIAL HIGHLIGHTS
- Net revenues for the first quarter of 2022 were
RMB795.7 million (US$125.5 million ), a 35.0% decrease from the corresponding period in 2021, and a 36.9% decrease from the fourth quarter of 2021, mainly due to decreases in one-time commissions and performance-based incomes.
(RMB millions, except percentages) |
Q1 2021 |
Q1 2022 |
YoY Change |
||||
Wealth management |
946.4 |
578.5 |
(38.9%) |
||||
Asset management |
270.0 |
200.6 |
(25.7%) |
||||
Other businesses |
8.3 |
16.6 |
101.1% |
||||
Total net revenues |
1,224.7 |
795.7 |
(35.0%) |
- Income from operations for the first quarter of 2022 was
RMB313.8 million (US$49.5 million ), a 37.5% decrease from the corresponding period in 2021, due to the decreased net revenues for the first quarter of 2022, but a 137.2% increase from the fourth quarter of 2021, due to less expenses and provision of credit losses incurred, which is partially offset by a decrease in net revenues.
(RMB millions, except percentages) |
Q1 2021 |
Q1 2022 |
YoY Change |
||||
Wealth management |
418.1 |
235.4 |
(43.7%) |
||||
Asset management |
114.5 |
93.9 |
(18.0%) |
||||
Other businesses |
(30.2) |
(15.5) |
(48.7%) |
||||
Total income from operations |
502.4 |
313.8 |
(37.5%) |
- Net income attributable to Noah shareholders for the first quarter of 2022 was
RMB305.2 million (US$48.2 million ), a 32.8% decrease from the corresponding period in 2021, but an 8.5% increase from the fourth quarter of 2021. - Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2022 was
RMB313.5 million (US$49.5 million ), a 32.1% decrease from the corresponding period in 2021, but an 8.2% increase from the fourth 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 and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. |
FIRST QUARTER 2022 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, 2022 was 415,082, an 8.1% increase fromMarch 31, 2021 , and a 0.8% increase fromDecember 31, 2021 . - Total number of active clients[2], which excluded mutual fund-only clients during the first quarter of 2022 was 2,818, a 55.3% decrease from the first quarter of 2021, and a 21.2% decrease from the fourth quarter of 2021. Including mutual fund-only clients, the number of clients who transacted with us during the first quarter of 2022 was 14,970, a 46.2% decrease from the first quarter of 2021, and a 14.2% decrease from the fourth quarter of 2021. The decreases were mainly related to the adverse performance of secondary market in the first quarter.
- Aggregate value of investment products distributed during the first quarter of 2022 was
RMB15.0 billion (US$2.4 billion ), a 44.6% decrease from the first quarter of 2021, primarily due to a 68.7%, 33.2% and 17.8% decrease of private secondary products, private equity products and mutual fund products, respectively. The aggregate value decreased by 28.7% compared with the fourth quarter of 2021, due to a 39.5% and 30.3% decrease of private secondary products and mutual fund products, respectively and partially offset by a 4.6% increase of private equity products.
Product type |
Three months ended |
||||||
2021 |
2022 |
||||||
(RMB in billions, except percentages) |
|||||||
Mutual fund products |
8.6 |
31.9% |
7.1 |
47.4% |
|||
Private secondary products |
12.9 |
47.5% |
4.0 |
26.9% |
|||
Private equity products |
4.8 |
17.6% |
3.2 |
21.2% |
|||
Other products[3] |
0.8 |
3.0% |
0.7 |
4.5% |
|||
All products |
27.1 |
100.0% |
15.0 |
100.0% |
- Coverage network in mainland China covered 83 cities as of
March 31, 2022 , compared with 82 cities as ofMarch 31, 2021 and 84 cities as ofDecember 31, 2021 . - Number of relationship managers was 1,281 as of
March 31, 2022 , a 2.8% increase fromMarch 31, 2021 , but a 2.7% decrease fromDecember 31, 2021 .
[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] "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
March 31, 2022 remained relatively stable in the amount ofRMB156.1 billion (US$24.6 billion ), a 1.3% increase fromMarch 31, 2021 .
Investment type |
As of |
|
Allocation/ |
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
130.9 |
83.9% |
4.8 |
3.0 |
132.7 |
85.0% |
|||||
Public securities[4] |
11.2 |
7.2% |
0.1 |
0.9 |
10.4 |
6.6% |
|||||
Real estate |
6.6 |
4.3% |
0.6 |
1.0 |
6.2 |
4.1% |
|||||
Multi-strategies |
5.9 |
3.8% |
- |
0.5 |
5.4 |
3.4% |
|||||
Others |
1.4 |
0.8% |
- |
- |
1.4 |
0.9% |
|||||
All Investments |
156.0 |
100.0% |
5.5 |
5.4 |
156.1 |
100.0% |
[4] The asset allocation/redemption of public securities also includes market appreciation or depreciation. |
Other Businesses
Our other businesses segment has been transitioned to "
Ms.
FIRST QUARTER 2022 FINANCIAL RESULTS
Net Revenues
Net revenues for the first quarter of 2022 were
- Wealth Management Business
- Net revenues from one-time commissions for the first quarter of 2022 were
RMB92.6 million (US$14.6 million ), a 68.4% decrease from the corresponding period in 2021, primarily due to a 68.7% decrease in transaction value of private secondary products that we distributed. - Net revenues from recurring service fees for the first quarter of 2022 were
RMB310.8 million (US$49.0 million ), a 0.9% decrease from the corresponding period in 2021. - Net revenues from performance-based income for the first quarter of 2022 were
RMB156.0 million (US$24.6 million ), compared withRMB325.6 million in the corresponding period of 2021. The decrease was primarily due to less performance-based income that were shared from private secondary products providers. - Net revenues from other service fees for the first quarter of 2022 were
RMB19.0 million (US$3.0 million ), compared withRMB13.9 million in the corresponding period in 2021, primarily due to more value-added services we offered to our high net worth clients.
- Asset Management Business
- Net revenues from one-time commissions for the first quarter of 2022 was
RMB9.2 million (US$1.5 million ), a 69.1% decrease from the corresponding period in 2021 due to less private equity products sold. - Net revenues from recurring service fees for the first quarter of 2022 were
RMB173.3 million (US$27.3 million ), a 7.5% increase from the corresponding period in 2021 due to increase in assets under management. - Net revenues from performance-based income for the first quarter of 2022 were
RMB18.1 million (US$2.9 million ), compared withRMB77.5 million in the corresponding period of 2021. The decrease was primarily due to less performance-based income realized from private equity products.
- Other Businesses
- Net revenues for the first quarter of 2022 were
RMB16.6 million (US$2.6 million ), compared withRMB8.3 million from the corresponding period in 2021.
Operating Costs and Expenses
Operating costs and expenses for the first quarter of 2022 were
- Operating costs and expenses for the wealth management business for the first quarter of 2022 were
RMB343.1 million (US$54.1 million ), a 35.1% decrease from the corresponding period in 2021, primarily due to less relationship manager compensation relating to transaction value of investment products distributed and less selling, general and administrative expenses incurred. - Operating costs and expenses for the asset management business for the first quarter of 2022 were
RMB106.7 million (US$16.8 million ), a 31.4% decrease from the corresponding period in 2021, primarily due to less performance fee compensation as well as less selling, general and administrative expenses incurred. - Operating costs and expenses for other businesses for the first quarter of 2022 were
RMB32.1 million (US$5.1 million ), a 16.6% decrease from the corresponding period in 2021, primarily due to less compensation and benefits.
Operating Margin
Operating margin for the first quarter of 2022 was 39.4%, compared with 41.0% for the corresponding period in 2021.
- Operating margin for the wealth management business for the first quarter of 2022 was 40.7%, compared with 44.2% for the corresponding period in 2021.
- Operating margin for the asset management business for the first quarter of 2022 was 46.8%, compared with 42.4% for the corresponding period in 2021.
- Loss from operation for the other businesses for the first quarter of 2022 was
RMB15.5 million (US$2.4 million ), compared with an operating loss ofRMB30.2 million for the corresponding period in 2021, due to more revenues generated in the first quarter of 2022.
Investment Income
Investment income for the first quarter of 2022 was
Income Tax Expenses
Income tax expenses for the first quarter of 2022 were
Net Income
- Net Income
- Net income for the first quarter of 2022 was
RMB304.2 million (US$48.0 million ), a 32.8% decrease from the corresponding period in 2021. - Net margin for the first quarter of 2022 was 38.2%, up from 37.0% for the corresponding period in 2021.
- Net income attributable to Noah shareholders for the first quarter of 2022 was
RMB305.2 million (US$48.2 million ), a 32.8% decrease from the corresponding period in 2021. - Net margin attributable to Noah shareholders for the first quarter of 2022 was 38.4%, up from 37.1% for the corresponding period in 2021.
- Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2022 was
RMB4.54 (US$0.72 ) andRMB4.52 (US$0.71 ), respectively, compared withRMB6.77 andRMB6.72 for the corresponding period in 2021, respectively.
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the first quarter of 2022 was
RMB313.5 million (US$49.5 million ), a 32.1% decrease from the corresponding period in 2021, but an 8.6% increase from the fourth quarter of 2021. - Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2022 was 39.4%, up from 37.7% for the corresponding period in 2021.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2022 was
RMB4.65 (US$0.73 ), down fromRMB6.84 for the corresponding period in 2021.
Balance Sheet and Cash Flow
As of
Net cash inflow from the Company's operating activities during the first quarter of 2022 was
Net cash inflow from the Company's investing activities during the first quarter of 2022 was
Net cash outflow from the Company's financing activities was
2022 FORECAST
The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2022 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 of 2022 unaudited financial results and recent business activities.
The conference call may be accessed with the following details:
Conference call details |
|
Date/Time
|
Wednesday, May 11, 2022 at Thursday, May 12, 2022 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 |
8316018 |
A telephone replay will be available starting one hour after the end of the conference call until May 18, 2022 at +1-877-344-7529 (US Toll Free) or 1-412-317-0088 (International Toll). The replay access code is 9378127.
A live and archived webcast of the conference call will be available at Noah's investor relations website under the Announcements & Events section at ir.noahgroup.com.
DISCUSSION ON 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 1,281 relationship managers across 83 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 2022 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 |
|||||||
|
|
|
|||||
2021 |
2022 |
2022 |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
3,404,603 |
3,899,892 |
615,193 |
||||
Restricted cash |
510 |
512 |
81 |
||||
Short-term investments |
92,803 |
64,347 |
10,150 |
||||
Accounts receivable, net |
808,029 |
396,485 |
62,544 |
||||
Loans receivable, net |
595,766 |
578,355 |
91,233 |
||||
Amounts due from related parties |
451,389 |
532,533 |
84,005 |
||||
Other current assets |
163,710 |
170,813 |
26,945 |
||||
Total current assets |
5,516,810 |
5,642,937 |
890,151 |
||||
Long-term investments, net |
668,572 |
699,174 |
110,292 |
||||
Investment in affiliates |
1,402,083 |
1,430,346 |
225,632 |
||||
Property and equipment, net |
2,580,935 |
2,544,521 |
401,388 |
||||
Operating lease right-of-use assets, net |
223,652 |
212,993 |
33,599 |
||||
Deferred tax assets |
335,905 |
335,911 |
52,989 |
||||
Other non-current assets |
161,832 |
162,206 |
25,587 |
||||
Total Assets |
10,889,789 |
11,028,088 |
1,739,638 |
||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Accrued payroll and welfare expenses |
946,547 |
880,353 |
138,872 |
||||
Income tax payable |
190,260 |
236,915 |
37,372 |
||||
Deferred revenues |
63,631 |
79,970 |
12,615 |
||||
Other current liabilities |
649,255 |
518,214 |
81,746 |
||||
Contingent liabilities |
433,345 |
431,080 |
68,001 |
||||
Total current liabilities |
2,283,038 |
2,146,532 |
338,606 |
||||
Operating lease liabilities, non-current |
130,956 |
120,790 |
19,054 |
||||
Deferred tax liabilities |
234,134 |
232,848 |
36,731 |
||||
Other non-current liabilities |
100,020 |
83,931 |
13,240 |
||||
Total Liabilities |
2,748,148 |
2,584,101 |
407,631 |
||||
Equity |
8,141,641 |
8,443,987 |
1,332,007 |
||||
Total Liabilities and Equity |
10,889,789 |
11,028,088 |
1,739,638 |
|
||||||||||
Condensed Consolidated Income Statements |
||||||||||
(In RMB'000, except for ADS data, per ADS data and percentages) |
||||||||||
(unaudited) |
||||||||||
Three months ended |
||||||||||
|
|
|
Change |
|||||||
2021 |
2022 |
2022 |
||||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Revenues from others: |
||||||||||
One-time commissions |
278,704 |
81,154 |
12,802 |
(70.9%) |
||||||
Recurring service fees |
220,513 |
193,379 |
30,505 |
(12.3%) |
||||||
Performance-based income |
276,524 |
142,911 |
22,544 |
(48.3%) |
||||||
Other service fees |
23,713 |
38,760 |
6,114 |
63.5% |
||||||
Total revenues from others |
799,454 |
456,204 |
71,965 |
(42.9%) |
||||||
Revenues from funds Gopher |
||||||||||
One-time commissions |
46,146 |
21,155 |
3,337 |
(54.2%) |
||||||
Recurring service fees |
256,697 |
293,052 |
46,228 |
14.2% |
||||||
Performance-based income |
128,556 |
32,067 |
5,058 |
(75.1%) |
||||||
Total revenues from funds Gopher |
431,399 |
346,274 |
54,623 |
(19.7%) |
||||||
Total revenues |
1,230,853 |
802,478 |
126,588 |
(34.8%) |
||||||
Less: VAT related surcharges |
(6,117) |
(6,786) |
(1,070) |
10.9% |
||||||
Net revenues |
1,224,736 |
795,692 |
125,518 |
(35.0%) |
||||||
Operating costs and expenses: |
||||||||||
Compensation and benefits |
||||||||||
Relationship manager |
(206,872) |
(109,995) |
(17,351) |
(46.8%) |
||||||
Others |
(375,253) |
(247,910) |
(39,107) |
(33.9%) |
||||||
Total compensation and benefits |
(582,125) |
(357,905) |
(56,458) |
(38.5%) |
||||||
Selling expenses |
(83,455) |
(59,906) |
(9,450) |
(28.2%) |
||||||
General and administrative |
(80,285) |
(58,207) |
(9,182) |
(27.5%) |
||||||
(Provision for) reversal of credit |
(3,407) |
9,198 |
1,451 |
N.A. |
||||||
Other operating expenses |
(27,088) |
(29,635) |
(4,675) |
9.4% |
||||||
Government subsidies |
54,014 |
14,558 |
2,296 |
(73.0%) |
||||||
Total operating costs and |
(722,346) |
(481,897) |
(76,018) |
(33.3%) |
||||||
Income from operations |
502,390 |
313,795 |
49,500 |
(37.5%) |
||||||
Other income: |
||||||||||
Interest income |
22,927 |
12,637 |
1,993 |
(44.9%) |
||||||
Investment income |
34,361 |
25,373 |
4,002 |
(26.2%) |
||||||
Other expense |
(486) |
(278) |
(44) |
(42.8%) |
||||||
Total other income |
56,802 |
37,732 |
5,951 |
(33.6%) |
||||||
Income before taxes and income |
559,192 |
351,527 |
55,451 |
(37.1%) |
||||||
Income tax expense |
(129,846) |
(77,336) |
(12,199) |
(40.4%) |
||||||
Income from equity in affiliates |
23,513 |
30,020 |
4,736 |
27.7% |
||||||
Net income |
452,859 |
304,211 |
47,988 |
(32.8%) |
||||||
Less: net loss attributable to non- |
(1,234) |
(1,031) |
(163) |
(16.5%) |
||||||
Net income attributable to Noah |
454,093 |
305,242 |
48,151 |
(32.8%) |
||||||
Income per ADS, basic |
6.77 |
4.54 |
0.72 |
(32.9%) |
||||||
Income per ADS, diluted |
6.72 |
4.52 |
0.71 |
(32.7%) |
||||||
Margin analysis: |
||||||||||
Operating margin |
41.0% |
39.4% |
39.4% |
|||||||
Net margin |
37.0% |
38.2% |
38.2% |
|||||||
Weighted average ADS |
||||||||||
Basic |
67,091,780 |
67,235,270 |
67,235,270 |
|||||||
Diluted |
67,572,038 |
67,480,826 |
67,480,826 |
|||||||
ADS equivalent outstanding at |
59,976,690 |
60,173,494 |
60,173,494 |
|||||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents |
Noah Holdings Limited |
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Three months ended |
|||||||||
|
|
|
Change |
||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
452,859 |
304,211 |
47,988 |
(32.8%) |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation |
8,409 |
(9,148) |
(1,443) |
N.A. |
|||||
Comprehensive income |
461,268 |
295,063 |
46,545 |
(36.0%) |
|||||
Less: Comprehensive loss attributable |
(1,201) |
(882) |
(139) |
(26.6%) |
|||||
Comprehensive income attributable to |
462,469 |
295,945 |
46,684 |
(36.0%) |
|||||
|
|||||
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
|||||
|
|
Change |
|||
Number of registered clients |
384,021 |
415,082 |
8.1% |
||
Number of relationship managers |
1,246 |
1,281 |
2.8% |
||
Number of cities under coverage in |
82 |
83 |
1.2% |
||
Three months ended |
|||||
|
|
Change |
|||
(in millions of RMB, except number of active clients and |
|||||
Number of active clients |
6,299 |
2,818 |
(55.3%) |
||
Number of active clients including mutual |
27,846 |
14,970 |
(46.2%) |
||
Transaction value: |
|||||
Private equity products |
4,763 |
3,180 |
(33.2%) |
||
Private secondary products |
12,864 |
4,027 |
(68.7%) |
||
Mutual fund products |
8,645 |
7,110 |
(17.8%) |
||
Other products |
820 |
679 |
(17.2%) |
||
Total transaction value |
27,092 |
14,996 |
(44.6%) |
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 |
81,154 |
- |
- |
81,154 |
|||
Recurring service fees |
193,379 |
- |
- |
193,379 |
|||
Performance-based income |
142,911 |
- |
- |
142,911 |
|||
Other service fees |
19,113 |
- |
19,647 |
38,760 |
|||
Total revenues from others |
436,557 |
- |
19,647 |
456,204 |
|||
Revenues from funds Gopher |
|||||||
One-time commissions |
11,859 |
9,296 |
- |
21,155 |
|||
Recurring service fees |
118,871 |
174,181 |
- |
293,052 |
|||
Performance-based income |
13,868 |
18,199 |
- |
32,067 |
|||
Total revenues from funds Gopher |
144,598 |
201,676 |
- |
346,274 |
|||
Total revenues |
581,155 |
201,676 |
19,647 |
802,478 |
|||
Less: VAT related surcharges |
(2,711) |
(1,039) |
(3,036) |
(6,786) |
|||
Net revenues |
578,444 |
200,637 |
16,611 |
795,692 |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship manager |
(99,688) |
(10,307) |
- |
(109,995) |
|||
Other compensations |
(148,135) |
(89,517) |
(10,258) |
(247,910) |
|||
Total compensation and benefits |
(247,823) |
(99,824) |
(10,258) |
(357,905) |
|||
Selling expenses |
(52,043) |
(4,234) |
(3,629) |
(59,906) |
|||
General and administrative |
(42,754) |
(10,029) |
(5,424) |
(58,207) |
|||
(Provision for) reversal of credit |
(603) |
(227) |
10,028 |
9,198 |
|||
Other operating expenses |
(5,516) |
(1,270) |
(22,849) |
(29,635) |
|||
Government subsidies |
5,639 |
8,885 |
34 |
14,558 |
|||
Total operating costs and expenses |
(343,100) |
(106,699) |
(32,098) |
(481,897) |
|||
Income (loss) from operations |
235,344 |
93,938 |
(15,487) |
313,795 |
|
|||||||
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 |
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 |
|||||||
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 |
(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 |
Supplement Revenue Information for Segment (unaudited) |
|||||||
Three months ended |
|||||||
Wealth |
Asset |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
425,237 |
166,774 |
19,647 |
611,658 |
|||
|
90,431 |
11,991 |
- |
102,422 |
|||
Others |
65,487 |
22,911 |
- |
88,398 |
|||
Total revenues |
581,155 |
201,676 |
19,647 |
802,478 |
|||
Three months ended |
|||||||
Wealth |
Asset |
Other |
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 |
|
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(In RMB, except for per ADS data and percentages) |
|||||||
(unaudited) [5] |
|||||||
Three months ended |
|||||||
|
|
Change |
|||||
2021 |
2022 |
||||||
RMB'000 |
RMB'000 |
||||||
Net income attributable to Noah shareholders |
454,093 |
305,242 |
(32.8%) |
||||
Adjustment for share-based compensation |
10,144 |
10,846 |
6.9% |
||||
Less: Tax effect of adjustments |
2,354 |
2,607 |
10.7% |
||||
Adjusted net income attributable to Noah |
461,883 |
313,481 |
(32.1%) |
||||
Net margin attributable to Noah shareholders |
37.1% |
38.4% |
|||||
Non-GAAP net margin attributable to Noah |
37.7% |
39.4% |
|||||
Net income attributable to Noah shareholders per |
6.72 |
4.52 |
(32.7%) |
||||
Non-GAAP net income attributable to Noah |
6.84 |
4.65 |
(32.0%) |
||||
[5] Noah's Non-GAAP financial measures reflect the respective most directly comparable GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact, if any. |
View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2022-301544807.html
SOURCE
CONTACTS: Noah Holdings Limited, Sonia Han, Tel: +86-21-8035-9221, ir@noahgroup.com