Noah Holdings Limited Announces Unaudited Financial Results For The Second Quarter Of 2022
SECOND QUARTER 2022 FINANCIAL HIGHLIGHTS
- Net revenues for the second quarter of 2022 were
RMB738.1 million (US$110.2 million ), a 17.9% decrease from the corresponding period in 2021, mainly due to decreases in one-time commissions, and performance-based incomes. Net revenues decreased by 7.2% compared with the first quarter of 2022, mainly due to decreases in performance based income amid market volatilities and partially offset by more than doubled one-time commissions.
(RMB millions, except percentages) |
Q2 2021 |
Q2 2022 |
YoY Change |
||||
Wealth management |
625.6 |
508.6 |
(18.7 %) |
||||
Asset management |
256.3 |
210.3 |
(17.9 %) |
||||
Other businesses |
17.5 |
19.2 |
9.5 % |
||||
Total net revenues |
899.4 |
738.1 |
(17.9 %) |
- Income from operations for the second quarter of 2022 was RMB323.1 million (
US$48 .2 million), a 3.6% decrease from the corresponding period in 2021, due to the decreased net revenues for the second quarter of 2022 and partially offset by a decrease in our expenses due to the COVID-19 lockdown measures in parts of China, especiallyShanghai ; income from operations increased by 3.0% compared with the first quarter of 2022, due to less expenses incurred and more government subsidies received in the second quarter of 2022.
(RMB millions, except percentages) |
Q2 2021 |
Q2 2022 |
YoY Change |
||||
Wealth management |
176.7 |
193.8 |
9.7 % |
||||
Asset management |
172.8 |
142.6 |
(17.5 %) |
||||
Other businesses |
(14.1) |
(13.3) |
(6.3 %) |
||||
Total income from operations |
335.4 |
323.1 |
(3.6 %) |
- Net income attributable to Noah shareholders for the second quarter of 2022 was
RMB349.0 million (US$52.1 million ), a 14.2% increase from the corresponding period in 2021, and a 14.3% increase from the first quarter of 2022. - Non-GAAP[1] net income attributable to Noah shareholders for the second quarter of 2022 was
RMB355.1 million (US$53.0 million ), a 5.4% increase from the corresponding period in 2021, and a 13.3% increase from the first quarter of 2022.
[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, 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 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
June 30, 2022 was 418,675, a 5.4% increase fromJune 30, 2021 , and a 0.9% increase fromMarch 31, 2022 . - Total number of active clients[2], which excluded mutual fund-only clients during the second quarter of 2022 was 2,272, a 51.4% decrease from the second quarter of 2021, and a 19.4% decrease from the first quarter of 2022. Counting in mutual fund-only clients, the total number of clients who transacted with us during the second quarter of 2022 was 12,866, a 36.6% decrease from the second quarter of 2021, and a 14.1% decrease from the first quarter of 2022, mainly affected by volatile market environment.
- Aggregate value of investment products distributed during the second quarter of 2022 was
RMB19.3 billion (US$3.0 billion ), a 22.7% decrease from the second quarter of 2021, but a 28.8% increase from the first quarter of 2022, mainly due to increases in the distribution of mutual fund products and private equity products.
Three months ended |
|||||||
2021 |
2022 |
||||||
Product type |
(RMB in billions, except percentages) |
||||||
Mutual fund products |
9.4 |
37.5 % |
12.2 |
63.1 % |
|||
Private secondary products |
7.7 |
30.8 % |
2.4 |
12.4 % |
|||
Private equity products |
6.5 |
25.9 % |
3.9 |
20.3 % |
|||
Other products[3] |
1.4 |
5.8 % |
0.8 |
4.2 % |
|||
All products |
25.0 |
100.0 % |
19.3 |
100.0 % |
- Coverage network in mainland China covered 79 cities as of
June 30, 2022 , compared with 81 cities as ofJune 30, 2021 and 83 cities as ofMarch 31, 2022 . - Number of relationship managers was 1,255 as of
June 30, 2022 , a 1.0% decrease fromJune 30, 2021 , and a 2.0% decrease fromMarch 31, 2022 .
[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 platforms. |
[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
June 30, 2022 wereRMB155.4 billion (US$23.2 billion ), a 0.4% decrease fromMarch 31, 2022 and a 0.3% decrease fromJune 30, 2021 , mainly due to higher distribution of private equity assets during the second quarter of 2022.
Investment type |
As of |
|
|
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
132.7 |
85.0 % |
3.8 |
4.5 |
132.0 |
84.9 % |
|||||
Public securities[4] |
10.4 |
6.6 % |
0.6 |
0.3 |
10.7 |
6.9 % |
|||||
Real estate |
6.2 |
4.1 % |
0.1 |
0.1 |
6.2 |
4.1 % |
|||||
Multi-strategies |
5.4 |
3.4 % |
- |
0.3 |
5.1 |
3.2 % |
|||||
Others |
1.4 |
0.9 % |
- |
- |
1.4 |
0.9 % |
|||||
All Investments |
156.1 |
100.0 % |
4.5 |
5.2 |
155.4 |
100.0 % |
[4] The asset distribution/redemption of public securities also includes market appreciation or depreciation. |
Other Businesses
Our other businesses segment mainly provides more comprehensive services and investment products to our clients.
Ms.
SECOND QUARTER 2022 FINANCIAL RESULTS
Net Revenues
Net revenues for the second quarter of 2022 were
- Wealth Management Business
- Net revenues from one-time commissions for the second quarter of 2022 were
RMB177.8 million (US$26.5 million ), a 17.4% decrease year-on-year, primarily due to decreased transaction value in relation to private secondary products as well as private equity products compared with the second quarter of 2021. - Net revenues from recurring service fees for the second quarter of 2022 were
RMB290.4 million (US$43.4 million ), a 14.6% decrease year-on-year. The decrease was primarily due to the service fees recognized upon liquidation of certain credit products with higher fee rates in the second quarter of 2021. - Net revenues from performance-based income for the second quarter of 2022 were
RMB13.2 million (US$2.0 million ), a 76.2% decrease from the corresponding period of 2021, primarily due to less performance-based income from public securities products. - Net revenues from other service fees for the second quarter of 2022 were
RMB27.2 million (US$4.1 million ), an 86.7% increase from the corresponding period in 2021, primarily due to more value-added services Noah offers to its high net worth clients.
- Asset Management Business
- Net revenues from one-time commissions for the second quarter of 2022 was
RMB29.2 million (US$4.4 million ), a 7.4% decrease year-on-year due to less private equity products sold compared with the second quarter of 2021. - Net revenues from recurring service fees for the second quarter of 2022 were
RMB168.5 million (US$25.2 million ), a 6.3% increase from the corresponding period in 2021, due to an increase in the amount of private equity products managed by Gopher. - Net revenues from performance-based income for the second quarter of 2022 were
RMB12.6 million (US$1.9 million ), an 81.0% decrease year-on-year, primarily due to a decrease in performance-based income from real estate products and offshore private equity products compared with the second quarter of 2021.
- Other Businesses
- Net revenues for the second quarter of 2022 were
RMB19.2 million (US$2.9 million ), compared withRMB17.5 million for the corresponding period in 2021, due to more value added services provided.
Operating Costs and Expenses
Operating costs and expenses for the second quarter of 2022 were
- Operating costs and expenses for the wealth management business for the second quarter of 2022 were
RMB314.8 million (US$47.0 million ), a 29.9% decrease from the corresponding period in 2021, primarily due to a decrease in compensation and benefits in line with decreased transaction value and selling expenses as well as general administrative expenses due to COVID-19 lockdown measures inShanghai . - Operating costs and expenses for the asset management business for the second quarter of 2022 were
RMB67.8 million (US$10.1 million ), an 18.8% decrease from the corresponding period in 2021, primarily due to decreased selling and general and administrative expenses due to COVID-19 lockdown measures inShanghai . - Operating costs and expenses for other businesses for the second quarter of 2022 were
RMB32.4 million (US$4.8 million ), compared withRMB31.7 million from the corresponding period in 2021.
Operating Margin
Operating margin for the second quarter of 2022 was 43.8%, increased from 37.3% for the corresponding period in 2021.
- Operating margin for the wealth management business for the second quarter of 2022 was 38.1%, compared with 28.2% for the corresponding period in 2021, due to less expenses incurred due to the COVID-19 lockdown measures in
Shanghai . - Operating margin for the asset management business for the second quarter of 2022 was 67.8%, compared with 67.4% for the corresponding period in 2021.
- Loss from operation for other businesses for the second quarter of 2022 was
RMB13.3 million (US$2.0 million ), compared with an operating loss ofRMB14.2 million for the corresponding period in 2021.
Investment Income
Investment income for the second quarter of 2022 was
Income Tax Expenses
Income tax expenses for the second quarter of 2022 were
Income from Equity in Affiliates
Income from equity in affiliates for the second quarter of 2022 was
Net Income
- Net Income
- Net income for the second quarter of 2022 was
RMB348.9 million (US$52.1 million ), a 13.3% increase from the corresponding period in 2021. - Net margin for the second quarter of 2022 was 47.3%, up from 34.2% for the corresponding period in 2021.
- Net income attributable to Noah shareholders for the second quarter of 2022 was
RMB349.0 million (US$52.1 million ), a 14.2% increase from the corresponding period in 2021. - Net margin attributable to Noah shareholders for the second quarter of 2022 was 47.3%, up from 34.0% for the corresponding period in 2021.
- Net income attributable to Noah shareholders per basic and diluted ADS for the second quarter of 2022 was
RMB5.19 (US$0.77 ) andRMB5.18 (US$0.77 ), respectively, up fromRMB4.56 andRMB4.53 respectively, for the corresponding period in 2021.
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the second quarter of 2022 was
RMB355.1 million (US$53.0 million ), a 5.4% increase from the corresponding period in 2021. - Non-GAAP net margin attributable to Noah shareholders for the second quarter of 2022 was 48.1%, compared with 37.5% for the corresponding period in 2021.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the second quarter of 2022 was
RMB5.28 (US$0.79 ), up fromRMB5.00 for the corresponding period in 2021.
Balance Sheet and Cash Flow
As of
Net cash outflow from the Company's operating activities during the second quarter of 2022 was
Net cash outflow from the Company's investing activities during the second quarter of 2022 was
Net cash inflow 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 second quarter 2022 unaudited financial results and recent business activities.
The conference call may be accessed with the following details:
Conference call details |
|
Date/Time:
|
Tuesday, August 23, 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: |
6885355 |
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 https://ir.noahgroup.com/financial-information/quarterly-results.
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's network covers 79 cities in mainland China, as well as 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 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 |
|||||||
|
|
|
|||||
2022 |
2022 |
2022 |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
3,899,892 |
3,608,044 |
538,667 |
||||
Restricted cash |
512 |
2,689 |
401 |
||||
Short-term investments |
64,347 |
85,889 |
12,823 |
||||
Accounts receivable, net |
396,485 |
515,361 |
76,941 |
||||
Loans receivable, net |
578,355 |
607,586 |
90,710 |
||||
Amounts due from related parties |
532,533 |
562,755 |
84,017 |
||||
Other current assets |
170,813 |
210,623 |
31,445 |
||||
Total current assets |
5,642,937 |
5,592,947 |
835,004 |
||||
Long-term investments, net |
699,174 |
711,839 |
106,275 |
||||
Investment in affiliates |
1,430,346 |
1,510,503 |
225,512 |
||||
Property and equipment, net |
2,544,521 |
2,506,121 |
374,154 |
||||
Operating lease right-of-use assets, net |
212,993 |
197,934 |
29,551 |
||||
Deferred tax assets |
335,911 |
335,845 |
50,140 |
||||
Other non-current assets |
162,206 |
159,859 |
23,866 |
||||
Total Assets |
11,028,088 |
11,015,048 |
1,644,502 |
||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Accrued payroll and welfare expenses |
880,353 |
618,933 |
92,404 |
||||
Income tax payable |
236,915 |
51,317 |
7,661 |
||||
Deferred revenues |
79,970 |
64,242 |
9,591 |
||||
Other current liabilities |
518,214 |
531,344 |
79,328 |
||||
Contingent liabilities |
431,080 |
455,479 |
68,001 |
||||
Total current liabilities |
2,146,532 |
1,721,315 |
256,985 |
||||
Operating lease liabilities, non-current |
120,790 |
95,995 |
14,332 |
||||
Deferred tax liabilities |
232,848 |
232,332 |
34,686 |
||||
Other non-current liabilities |
83,931 |
87,243 |
13,025 |
||||
Total Liabilities |
2,584,101 |
2,136,885 |
319,028 |
||||
Equity |
8,443,987 |
8,878,163 |
1,325,474 |
||||
Total Liabilities and Equity |
11,028,088 |
11,015,048 |
1,644,502 |
|
||||||||
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 |
195,891 |
177,339 |
26,476 |
(9.5 %) |
||||
Recurring service fees |
218,988 |
184,300 |
27,515 |
(15.8 %) |
||||
Performance-based income |
46,468 |
9,481 |
1,415 |
(79.6 %) |
||||
Other service fees |
32,283 |
52,521 |
7,841 |
62.7 % |
||||
Total revenues from others |
493,630 |
423,641 |
63,247 |
(14.2 %) |
||||
Revenues from funds Gopher manages: |
||||||||
One-time commissions |
52,377 |
30,893 |
4,612 |
(41.0 %) |
||||
Recurring service fees |
282,333 |
277,359 |
41,409 |
(1.8 %) |
||||
Performance-based income |
76,101 |
16,533 |
2,468 |
(78.3 %) |
||||
Total revenues from funds Gopher |
410,811 |
324,785 |
48,489 |
(20.9 %) |
||||
Total revenues |
904,441 |
748,426 |
111,736 |
(17.2 %) |
||||
Less: VAT related surcharges |
(5,052) |
(10,284) |
(1,535) |
103.6 % |
||||
Net revenues |
899,389 |
738,142 |
110,201 |
(17.9 %) |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship managers |
(153,275) |
(131,519) |
(19,635) |
(14.2 %) |
||||
Others |
(242,507) |
(226,286) |
(33,784) |
(6.7 %) |
||||
Total compensation and benefits |
(395,782) |
(357,805) |
(53,419) |
(9.6 %) |
||||
Selling expenses |
(99,463) |
(70,307) |
(10,497) |
(29.3 %) |
||||
General and administrative expenses |
(77,892) |
(35,649) |
(5,322) |
(54.2 %) |
||||
(Provision)/reversal for credit losses |
(2,112) |
5,788 |
864 |
N.A. |
||||
Other operating expenses |
(28,082) |
(22,677) |
(3,386) |
(19.2 %) |
||||
Government subsidies |
39,300 |
65,653 |
9,802 |
67.1 % |
||||
Total operating costs and expenses |
(564,031) |
(414,997) |
(61,958) |
(26.4 %) |
||||
Income from operations |
335,358 |
323,145 |
48,243 |
(3.6 %) |
||||
Other income: |
||||||||
Interest income |
18,212 |
17,681 |
2,640 |
(2.9 %) |
||||
Investment income |
3,487 |
5,174 |
772 |
48.4 % |
||||
Settlement expenses |
(19,190) |
- |
- |
N.A. |
||||
Other (expenses) income |
(14,617) |
11,849 |
1,769 |
N.A. |
||||
Total other (expenses) income |
(12,108) |
34,704 |
5,181 |
N.A. |
||||
Income before taxes and income from |
323,250 |
357,849 |
53,424 |
10.7 % |
||||
Income tax expense |
(68,720) |
(78,164) |
(11,670) |
13.7 % |
||||
Income from equity in affiliates |
53,420 |
69,203 |
10,332 |
29.5 % |
||||
Net income |
307,950 |
348,888 |
52,086 |
13.3 % |
||||
Less: net income (loss) attributable to |
2,424 |
(117) |
(17) |
N.A. |
||||
Net income attributable to Noah |
305,526 |
349,005 |
52,103 |
14.2 % |
||||
Income per ADS, basic |
4.56 |
5.19 |
0.77 |
13.8 % |
||||
Income per ADS, diluted |
4.53 |
5.18 |
0.77 |
14.3 % |
||||
Margin analysis: |
||||||||
Operating margin |
37.3 % |
43.8 % |
43.8 % |
|||||
Net margin |
34.2 % |
47.3 % |
47.3 % |
|||||
Weighted average ADS equivalent[1]: |
||||||||
Basic |
66,993,114 |
67,245,724 |
67,245,724 |
|||||
Diluted |
67,449,200 |
67,310,698 |
67,310,698 |
|||||
ADS equivalent outstanding at end of |
60,080,070 |
60,222,116 |
60,222,116 |
|||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents |
|
||||||||||
Condensed Consolidated Income Statements |
||||||||||
(In RMB'000, except for USD data, per ADS data and percentages) |
||||||||||
(unaudited) |
||||||||||
Six months ended |
||||||||||
|
|
|
Change |
|||||||
2021 |
2022 |
2022 |
||||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Revenues from others: |
||||||||||
One-time commissions |
474,595 |
258,493 |
38,592 |
(45.5 %) |
||||||
Recurring service fees |
439,501 |
377,679 |
56,386 |
(14.1 %) |
||||||
Performance-based income |
322,992 |
152,392 |
22,752 |
(52.8 %) |
||||||
Other service fees |
55,996 |
91,281 |
13,628 |
63.0 % |
||||||
Total revenues from others |
1,293,084 |
879,845 |
131,358 |
(32.0 %) |
||||||
Revenues from funds Gopher |
||||||||||
One-time commissions |
98,523 |
52,048 |
7,771 |
(47.2 %) |
||||||
Recurring service fees |
539,030 |
570,411 |
85,160 |
5.8 % |
||||||
Performance-based income |
204,657 |
48,600 |
7,256 |
(76.3 %) |
||||||
Total revenues from funds |
842,210 |
671,059 |
100,187 |
(20.3 %) |
||||||
Total revenues |
2,135,294 |
1,550,904 |
231,545 |
(27.4 %) |
||||||
Less: VAT related surcharges |
(11,169) |
(17,070) |
(2,548) |
52.8 % |
||||||
Net revenues |
2,124,125 |
1,533,834 |
228,997 |
(27.8 %) |
||||||
Operating costs and expenses: |
||||||||||
Compensation and benefits |
||||||||||
Relationship managers |
(360,147) |
(241,514) |
(36,057) |
(32.9 %) |
||||||
Others |
(617,760) |
(474,196) |
(70,796) |
(23.2 %) |
||||||
Total compensation and |
(977,907) |
(715,710) |
(106,853) |
(26.8 %) |
||||||
Selling expenses |
(182,918) |
(130,213) |
(19,440) |
(28.8 %) |
||||||
General and administrative |
(158,177) |
(93,856) |
(14,012) |
(40.7 %) |
||||||
(Provision)/reversal for credit |
(5,519) |
14,986 |
2,237 |
N.A. |
||||||
Other operating expenses |
(55,170) |
(52,312) |
(7,810) |
(5.2 %) |
||||||
Government subsidies |
93,314 |
80,211 |
11,975 |
(14.0 %) |
||||||
Total operating costs and |
(1,286,377) |
(896,894) |
(133,903) |
(30.3 %) |
||||||
Income from operations |
837,748 |
636,940 |
95,094 |
(24.0 %) |
||||||
Other income: |
||||||||||
Interest income |
41,139 |
30,318 |
4,526 |
(26.3 %) |
||||||
Investment income |
37,848 |
30,547 |
4,561 |
(19.3 %) |
||||||
Settlement expenses |
(19,190) |
- |
- |
N.A. |
||||||
Other income (expense) |
(15,103) |
11,571 |
1,728 |
N.A. |
||||||
Total other income |
44,694 |
72,436 |
10,815 |
62.1 % |
||||||
Income before taxes and |
882,442 |
709,376 |
105,909 |
(19.6 %) |
||||||
Income tax expense |
(198,566) |
(155,500) |
(23,216) |
(21.7 %) |
||||||
Income from equity in affiliates |
76,933 |
99,223 |
14,814 |
29.0 % |
||||||
Net income |
760,809 |
653,099 |
97,507 |
(14.2 %) |
||||||
Less: net income (loss) |
1,190 |
(1,148) |
(171) |
N.A. |
||||||
Net income attributable to |
759,619 |
654,247 |
97,678 |
(13.9 %) |
||||||
Income per ADS, basic |
11.33 |
9.73 |
1.45 |
(14.1 %) |
||||||
Income per ADS, diluted |
11.25 |
9.70 |
1.45 |
(13.8 %) |
||||||
Margin analysis: |
||||||||||
Operating margin |
39.4 % |
41.5 % |
41.5 % |
|||||||
Net margin |
35.8 % |
42.6 % |
42.6 % |
|||||||
Weighted average ADS |
||||||||||
Basic |
67,042,174 |
67,240,800 |
67,240,800 |
|||||||
Diluted |
67,497,514 |
67,428,368 |
67,428,368 |
|||||||
ADS equivalent outstanding at |
60,080,070 |
60,222,116 |
60,222,116 |
|||||||
[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 |
||||||
2021 |
2022 |
2022 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
307,950 |
348,888 |
52,086 |
13.3 % |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
(22,809) |
75,557 |
11,280 |
N.A. |
|||||
Fair value fluctuation of available for sale |
134 |
- |
- |
N.A. |
|||||
Comprehensive income |
285,275 |
424,445 |
63,366 |
48.8 % |
|||||
Less: Comprehensive income/(loss) |
2,411 |
(183) |
(27) |
N.A. |
|||||
Comprehensive income attributable to |
282,864 |
424,628 |
63,393 |
50.1 % |
|
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Six months ended |
|||||||||
|
|
|
Change |
||||||
2021 |
2022 |
2022 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
760,809 |
653,099 |
97,507 |
(14.2 %) |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
(14,400) |
140,097 |
20,916 |
N.A. |
|||||
Fair value fluctuation of available for sale |
134 |
- |
- |
N.A. |
|||||
Comprehensive income |
746,543 |
793,196 |
118,423 |
6.2 % |
|||||
Less: Comprehensive income attributable |
1,210 |
(1,065) |
(159) |
N.A. |
|||||
Comprehensive income attributable to |
745,333 |
794,261 |
118,582 |
6.6 % |
|
|||||
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
|||||
|
|
Change |
|||
Number of registered clients |
397,235 |
418,675 |
5.4 % |
||
Number of relationship managers |
1,268 |
1,255 |
(1.0 %) |
||
Number of cities in mainland China under coverage |
81 |
79 |
(2.5 %) |
||
Three months ended |
|||||
|
|
Change |
|||
(in millions of RMB, except number of active clients and |
|||||
Number of active clients |
4,676 |
2,272 |
(51.4 %) |
||
Number of active clients including mutual fund clients |
20,290 |
12,866 |
(36.6 %) |
||
Transaction value: |
|||||
Private equity products |
6,472 |
3,918 |
(39.5 %) |
||
Private secondary products |
7,708 |
2,394 |
(68.9 %) |
||
Mutual fund products |
9,375 |
12,190 |
30.0 % |
||
Other products |
1,446 |
814 |
(43.7 %) |
||
Total transaction value |
25,001 |
19,316 |
(22.7 %) |
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 |
177,339 |
- |
- |
177,339 |
||||
Recurring service fees |
184,300 |
- |
- |
184,300 |
||||
Performance-based income |
9,481 |
- |
- |
9,481 |
||||
Other service fees |
27,375 |
- |
25,146 |
52,521 |
||||
Total revenues from others |
398,495 |
- |
25,146 |
423,641 |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
1,518 |
29,375 |
- |
30,893 |
||||
Recurring service fees |
107,767 |
169,592 |
- |
277,359 |
||||
Performance-based income |
3,837 |
12,696 |
- |
16,533 |
||||
Total revenues from funds Gopher |
113,122 |
211,663 |
- |
324,785 |
||||
Total revenues |
511,617 |
211,663 |
25,146 |
748,426 |
||||
Less: VAT related surcharges |
(2,976) |
(1,313) |
(5,995) |
(10,284) |
||||
Net revenues |
508,641 |
210,350 |
19,151 |
738,142 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship managers |
(120,258) |
(11,261) |
- |
(131,519) |
||||
Others |
(153,046) |
(63,241) |
(9,999) |
(226,286) |
||||
Total compensation and benefits |
(273,304) |
(74,502) |
(9,999) |
(357,805) |
||||
Selling expenses |
(60,479) |
(8,244) |
(1,584) |
(70,307) |
||||
General and administrative |
(18,821) |
(12,287) |
(4,541) |
(35,649) |
||||
Provision for credit losses |
141 |
(441) |
6,088 |
5,788 |
||||
Other operating expenses |
915 |
(113) |
(23,479) |
(22,677) |
||||
Government subsidies |
36,750 |
27,822 |
1,081 |
65,653 |
||||
Total operating costs and expenses |
(314,798) |
(67,765) |
(32,434) |
(414,997) |
||||
Income (loss) from operations |
193,843 |
142,585 |
(13,283) |
323,145 |
|
|||||||
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 |
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 manages |
|||||||
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 Gopher |
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 benefits |
(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 subsidies |
4,997 |
22,579 |
11,724 |
39,300 |
|||
Total operating costs and expenses |
(448,915) |
(83,435) |
(31,681) |
(564,031) |
|||
Income (loss) from operations |
176,675 |
172,834 |
(14,151) |
335,358 |
|
|||||||
Supplement Revenue Information by Geography |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth |
Asset |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
378,862 |
184,939 |
25,146 |
588,947 |
|||
|
111,125 |
9,117 |
- |
120,242 |
|||
Others |
21,630 |
17,607 |
- |
39,237 |
|||
Total revenues |
511,617 |
211,663 |
25,146 |
748,426 |
|||
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 |
|
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(In RMB, except for per ADS data and percentages) |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
June 30, |
|
Change |
|||||
2021 |
2022 |
||||||
RMB'000 |
RMB'000 |
||||||
Net income attributable to Noah shareholders |
305,526 |
349,005 |
14.2 % |
||||
Adjustment for share-based compensation |
16,034 |
7,990 |
(50.2 %) |
||||
Add: settlement expense |
19,190 |
- |
N.A. |
||||
Less: tax effect of adjustments |
3,720 |
1,922 |
(48.3 %) |
||||
Adjusted net income attributable to Noah shareholders |
337,030 |
355,073 |
5.4 % |
||||
Net margin attributable to Noah shareholders |
34.0 % |
47.3 % |
|||||
Non-GAAP net margin attributable to Noah shareholders |
37.5 % |
48.1 % |
|||||
Net income attributable to Noah shareholders per ADS, |
4.53 |
5.18 |
14.3 % |
||||
Non-GAAP net income attributable to Noah shareholders |
5.00 |
5.28 |
5.6 % |
|
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(In RMB, except for per ADS data and percentages) |
|||||||
(unaudited) |
|||||||
Six months ended |
|||||||
June 30, |
|
Change |
|||||
2021 |
2022 |
||||||
RMB'000 |
RMB'000 |
||||||
Net income attributable to Noah shareholders |
759,619 |
654,247 |
(13.9 %) |
||||
Adjustment for share-based compensation |
26,178 |
18,836 |
(28.0 %) |
||||
Add: settlement expense |
19,190 |
- |
N.A. |
||||
Less: tax effect of adjustments |
6,074 |
4,529 |
(25.4 %) |
||||
Adjusted net income attributable to Noah shareholders |
798,913 |
668,554 |
(16.3 %) |
||||
Net margin attributable to Noah shareholders |
35.8 % |
42.7 % |
|||||
Non-GAAP net margin attributable to Noah shareholders |
37.6 % |
43.6 % |
|||||
Net income attributable to Noah shareholders per ADS, |
11.25 |
9.70 |
(13.8 %) |
||||
Non-GAAP net income attributable to Noah shareholders |
11.84 |
9.92 |
(16.2 %) |
View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2022-301609704.html
SOURCE
Noah Holdings Limited, Sonia Han, Tel: +86-21-8035-8372, ir@noahgroup.com