Noah Holdings Limited Announces Unaudited Financial Results For The Third Quarter Of 2023
THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS
- Net revenues for the third quarter of 2023 were
RMB750 .0 million (US$102.8 million ), a 9.6% increase from the corresponding period in 2022, mainly due to increases in one-time commissions. Net revenues decreased by 20.4% compared with the second quarter of 2023, mainly due to a decrease in distribution of insurance products.
(RMB millions, except percentages) |
Q3 2022 |
Q3 2023 |
YoY Change |
||||
Wealth management |
466.0 |
548.8 |
17.8 % |
||||
Asset management |
200.3 |
191.4 |
(4.4 %) |
||||
Other businesses |
18.2 |
9.8 |
(46.2 %) |
||||
Total net revenues |
684.5 |
750.0 |
9.6 % |
- Income from operations for the third quarter of 2023 was RMB248.9 million (
US$34 .1 million), a 7.4% increase from the corresponding period in 2022, due to a 9.6% increase in net revenues; income from operations decreased by 28.8% compared with the second quarter of 2023, due to a 50.8% decrease in one-time commissions.
(RMB millions, except percentages) |
Q3 2022 |
Q3 2023 |
YoY Change |
|||||
Wealth management |
133.2 |
154.5 |
16.0 % |
|||||
Asset management |
117.7 |
106.5 |
(9.6 %) |
|||||
Other businesses |
(19.1) |
(12.1) |
(36.6 %) |
|||||
Total income from operations |
231.8 |
248.9 |
7.4 % |
- Net income attributable to Noah shareholders for the third quarter of 2023 was
RMB233.3 million (US$32.0 million ), a 27.9% increase from the corresponding period in 2022, mainly due to a 158.0% increase in interest income as a result of higher interest rate for our US dollar cash deposits. Net income attributable to Noah shareholders decreased by 26.0% compared with the second quarter of 2023, mainly due to a 20.4% decrease in net revenues. - Non-GAAP[1] net income attributable to Noah shareholders for the third quarter of 2023 was
RMB232.4 million (US$31 .9 million), a 21.8% increase from the corresponding period in 2022, and a 25.8% decrease from the second quarter of 2023.
THIRD QUARTER 2023 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, 2023 was 452,222, a 4.4% increase fromSeptember 30, 2022 , and a 1.3% increase fromJune 30, 2023 . - Total number of active clients[2] who transacted with us during the third quarter of 2023 was 9,489, a 58.1% decrease from the third quarter of 2022, and a 17.8% decrease from the second quarter of 2023.
- Aggregate value of investment products distributed during the third quarter of 2023 was
RMB22.3 billion (US$3 .1 billion), a 24.2% increase from the third quarter of 2022, and a 21.2% increase from the second quarter of 2023, mainly due to an increase in the distribution of mutual fund products.
Three months ended |
|||||||
2022 |
2023 |
||||||
Product type |
(RMB in billions, except percentages) |
||||||
Mutual fund products |
11.7 |
64.8 % |
14.9 |
66.9 % |
|||
Private secondary products |
3.3 |
18.5 % |
5.7 |
25.4 % |
|||
Private equity products |
2.5 |
13.9 % |
0.7 |
3.1 % |
|||
Other products[3] |
0.5 |
2.8 % |
1.0 |
4.6 % |
|||
All products |
18.0 |
100.0 % |
22.3 |
100.0 % |
- Coverage network in mainland China covered 59 cities as of
September 30, 2023 , compared with 76 cities as ofSeptember 30, 2022 and 63 cities as of June 30, 2023, as we continue to streamline our domestic coverages and focus on strengthening our operations in central hub cities. - Number of relationship managers was 1,408 as of
September 30, 2023 , a 12.0% increase fromSeptember 30, 2022 , and a 2.4% increase fromJune 30, 2023 . Among which, we had 77 overseas relationship managers as ofSeptember 30, 2023 , a 37.5% increase fromJune 30, 2023 .
Asset Management Business
Our asset management business is conducted through
- Total assets under management as of
September 30, 2023 wereRMB154.9 billion (US$21.2 billion ), a 1.3% decrease fromJune 30, 2023 and a 0.9% decrease fromSeptember 30, 2022 , mainly due to exits in private equity investment products.
Investment type |
As of |
|
|
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
132.9 |
84.7 % |
0.2 |
1.4 |
131.7 |
85.0 % |
|||||
Public securities[4] |
11.6 |
7.4 % |
4.2 |
3.6 |
12.2 |
7.9 % |
|||||
Real estate |
6.6 |
4.2 % |
0.3 |
0.6 |
6.3 |
4.0 % |
|||||
Multi-strategies |
4.4 |
2.8 % |
- |
0.2 |
4.2 |
2.8 % |
|||||
Others |
1.4 |
0.9 % |
- |
0.9 |
0.5 |
0.3 % |
|||||
All Investments |
156.9 |
100.0 % |
4.7 |
6.7 |
154.9 |
100.0 % |
[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. |
[2] "Active clients" for a given period refers to registered high net worth investors who purchase investment products distributed or receive services provided by us during that given period. |
[3] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others. |
[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.
THIRD QUARTER 2023 FINANCIAL RESULTS
Net Revenues
Net revenues for the third quarter of 2023 were
- Wealth Management Business
- Net revenues from one-time commissions for the third quarter of 2023 were
RMB198.5 million (US$27.2 million ), a 115.5% increase from the corresponding period in 2022, primarily due to an increase in distribution of insurance products. - Net revenues from recurring service fees for the third quarter of 2023 were
RMB279.7 million (US$38.3 million ), an 8.8% decrease from the corresponding period in 2022, due to a shift in product mix and clients' investment preferences, as well as less recurring service fees generated from private secondary and private equity products. - Net revenues from performance-based income for the third quarter of 2023 were
RMB8.8 million (US$1.2 million ), a 51.3% decrease from the corresponding period of 2022, primarily due to less performance-based income from private secondary products. - Net revenues from other service fees for the third quarter of 2023 were
RMB61.7 million (US$8.5 million ), a 25.5% increase from the corresponding period in 2022, primarily due to more value-added services Noah offered to its high net worth clients.
- Net revenues from one-time commissions for the third quarter of 2023 were
- Asset Management Business
- Net revenues from recurring service fees for the third quarter of 2023 were
RMB186.3 million (US$25.5million ), a 1.8% increase from the corresponding period in 2022, due to an increase in the amount of real estate investments managed by our Gopher New York team. - Net revenues from performance-based income for the third quarter of 2023 were
RMB5.1 million (US$0.7 million ), a 46.3% decrease from the corresponding period in 2022, primarily due to a decrease in performance-based income from private equity investments managed by Gopher compared with the third quarter of 2022.
- Net revenues from recurring service fees for the third quarter of 2023 were
- Other Businesses
- Net revenues for the third quarter of 2023 were
RMB9.8 million (US$1.3 million ), compared withRMB18.2 million for the corresponding period in 2022, as we continued to wind down our loan portfolio.
- Net revenues for the third quarter of 2023 were
Operating Costs and Expenses
Operating costs and expenses for the third quarter of 2023 were
- Operating costs and expenses for the wealth management business for the third quarter of 2023 were
RMB394.2 million (US$54.0 million ), a 18.5% increase from the corresponding period in 2022, primarily due to an increase in compensation and benefits, selling expenses and general and administrative expenses, as less expenses incurred during the corresponding quarter of the preceding year due to various pandemic restrictions. - Operating costs and expenses for the asset management business for the third quarter of 2023 were
RMB84.9 million (US$11.6 million ), a 2.9% increase from the corresponding period in 2022, primarily due to increased selling expenses. - Operating costs and expenses for other businesses for the third quarter of 2023 were
RMB21.9 million (US$3.0 million ), compared withRMB37.4 million from the corresponding period in 2022, due to decreased other operating expenses.
Operating Margin
Operating margin for the third quarter of 2023 was 33.2%, compared with 33.9% for the corresponding period in 2022.
- Operating margin for the wealth management business for the third quarter of 2023 was 28.2%, compared with 28.6% for the corresponding period in 2022.
- Operating margin for the asset management business for the third quarter of 2023 was 55.6%, compared with 58.8% for the corresponding period in 2022.
- Loss from operation for other businesses for the third quarter of 2023 was
RMB12.1 million (US$1.7 million ), compared with an operating loss ofRMB19.1 million for the corresponding period in 2022.
Investment Income/loss
Investment income for the third quarter of 2023 was
Income Tax Expenses
Income tax expenses for the third quarter of 2023 were
Loss from Equity in Affiliates
Loss from equity in affiliates for the third quarter of 2023 was
Net Income
- Net Income
- Net income for the third quarter of 2023 was
RMB232.0 million (US$31.8 million ), a 30.4% increase from the corresponding period in 2022. - Net margin for the third quarter of 2023 was 30.9%, up from 26.0% for the corresponding period in 2022.
- Net income attributable to Noah shareholders for the third quarter of 2023 was
RMB233.3 million (US$32.0 million ), a 27.9% increase from the corresponding period in 2022. - Net margin attributable to Noah shareholders for the third quarter of 2023 was 31.1%, up from 26.7% for the corresponding period in 2022.
- Net income attributable to Noah shareholders per basic and diluted ADS for the third quarter of 2023 was
RMB3.36 (US$0.46 ) andRMB3.36 (US$0.46 ), respectively, up fromRMB2.64 andRMB2.63 respectively, for the corresponding period in 2022.
- Net income for the third quarter of 2023 was
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the third quarter of 2023 was
RMB232.4 million (US$31.9 million ), a 21.8% increase from the corresponding period in 2022. - Non-GAAP net margin attributable to Noah shareholders for the third quarter of 2023 was 31.0%, compared with 27.9% for the corresponding period in 2022.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2023 was
RMB3.35 (US$0.46 ), up fromRMB2.76 for the corresponding period in 2022.
- Non-GAAP net income attributable to Noah shareholders for the third quarter of 2023 was
Balance Sheet and Cash Flow
As of
Net cash inflow from the Company's operating activities during the third quarter of 2023 was
Net cash inflow from the Company's investing activities during the third quarter of 2023 was
Net cash outflow from the Company's financing activities was
CONFERENCE CALL
The Company's senior management will host an earnings conference call to discuss its Q3 Results and recent business activities. Details of the conference call are as follows:
Conference title: |
|
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Date/Time: |
Thursday, |
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Dial in: |
|||
– Hong Kong Toll Free: |
800-963976 |
||
– United States Toll Free: |
1-888-317-6003 |
||
– Mainland |
4001-206115 |
||
– International Toll: |
1-412-317-6061 |
||
Participant Password: |
7559504 |
A telephone replay will be available starting approximately one hour after the end of the conference until
A live and archived webcast of the conference call will be available at the Company's investor relations website under the "Financial Reports" 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's network covers major 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 third quarter of 2023 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: +86-21-8035-8292
ir@noahgroup.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
|
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(unaudited) |
|||||||
As of |
|||||||
|
September |
September |
|||||
2023 |
2023 |
2023 |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
4,740,434 |
4,959,550 |
679,763 |
||||
Restricted cash |
143,255 |
153,908 |
21,095 |
||||
Short-term investments |
445,485 |
407,872 |
55,904 |
||||
Accounts receivable, net |
534,885 |
445,386 |
61,045 |
||||
Loans receivable, net |
341,083 |
315,785 |
43,282 |
||||
Amounts due from related parties |
429,202 |
406,764 |
55,752 |
||||
Other current assets |
200,588 |
189,473 |
25,969 |
||||
Total current assets |
6,834,932 |
6,878,738 |
942,810 |
||||
Long-term investments, net |
980,257 |
995,746 |
136,478 |
||||
Investment in affiliates |
1,464,702 |
1,491,173 |
204,382 |
||||
Property and equipment, net |
2,525,732 |
2,510,839 |
344,139 |
||||
Operating lease right-of-use assets, net |
152,040 |
145,410 |
19,930 |
||||
Deferred tax assets |
436,240 |
435,632 |
59,708 |
||||
Other non-current assets |
169,454 |
171,083 |
23,449 |
||||
Total Assets |
12,563,357 |
12,628,621 |
1,730,896 |
||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Accrued payroll and welfare expenses |
562,029 |
545,240 |
74,731 |
||||
Income tax payable |
141,693 |
166,959 |
22,884 |
||||
Deferred revenues |
71,440 |
88,377 |
12,113 |
||||
Dividend payable |
177,502 |
49 |
7 |
||||
Other current liabilities |
584,384 |
578,296 |
79,262 |
||||
Contingent liabilities |
592,097 |
595,137 |
81,570 |
||||
Total current liabilities |
2,129,145 |
1,974,058 |
270,567 |
||||
Operating lease liabilities, non-current |
79,267 |
77,418 |
10,611 |
||||
Deferred tax liabilities |
230,797 |
229,003 |
31,387 |
||||
Other non-current liabilities |
54,495 |
45,058 |
6,176 |
||||
Total Liabilities |
2,493,704 |
2,325,537 |
318,741 |
||||
Equity |
10,069,653 |
10,303,084 |
1,412,155 |
||||
Total Liabilities and Equity |
12,563,357 |
12,628,621 |
1,730,896 |
|
||||||||||||||||
Condensed Consolidated Income Statements |
||||||||||||||||
(In RMB'000, except for ADS data, per ADS data and percentages) |
||||||||||||||||
(unaudited) |
||||||||||||||||
Three months ended |
||||||||||||||||
|
September |
|
Change |
|||||||||||||
2022 |
2023 |
2023 |
||||||||||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
|||||||||||||
Revenues from others: |
||||||||||||||||
One-time commissions |
92,551 |
199,286 |
27,314 |
115.3 % |
||||||||||||
Recurring service fees |
195,429 |
171,408 |
23,493 |
(12.3 %) |
||||||||||||
Performance-based income |
17,658 |
8,440 |
1,157 |
(52.2 %) |
||||||||||||
Other service fees |
71,290 |
74,355 |
10,191 |
4.3 % |
||||||||||||
Total revenues from others |
376,928 |
453,489 |
62,155 |
20.3 % |
||||||||||||
Revenues from funds Gopher |
||||||||||||||||
One-time commissions |
7,846 |
32 |
4 |
(99.6 %) |
||||||||||||
Recurring service fees |
296,648 |
295,982 |
40,568 |
(0.2 %) |
||||||||||||
Performance-based income |
10,109 |
5,543 |
760 |
(45.2 %) |
||||||||||||
Total revenues from funds |
314,603 |
301,557 |
41,332 |
(4.1 %) |
||||||||||||
Total revenues |
691,531 |
755,046 |
103,487 |
9.2 % |
||||||||||||
Less: VAT related surcharges |
(7,063) |
(5,088) |
(697) |
(28.0 %) |
||||||||||||
Net revenues |
684,468 |
749,958 |
102,790 |
9.6 % |
||||||||||||
Operating costs and expenses: |
||||||||||||||||
Compensation and benefits |
||||||||||||||||
Relationship managers |
(108,971) |
(185,748) |
(25,459) |
70.5 % |
||||||||||||
Others |
(234,055) |
(215,047) |
(29,475) |
(8.1 %) |
||||||||||||
Total compensation and |
(343,026) |
(400,795) |
(54,934) |
16.8 % |
||||||||||||
Selling expenses |
(75,995) |
(119,707) |
(16,407) |
57.5 % |
||||||||||||
General and administrative |
(57,511) |
(67,407) |
(9,239) |
17.2 % |
||||||||||||
Reversal of credit losses |
5,274 |
525 |
72 |
(90.0 %) |
||||||||||||
Other operating expenses |
(25,084) |
(18,982) |
(2,602) |
(24.3 %) |
||||||||||||
Government subsidies |
43,645 |
105,297 |
14,432 |
141.3 % |
||||||||||||
Total operating costs and |
(452,697) |
(501,069) |
(68,678) |
10.7 % |
||||||||||||
Income from operations |
231,771 |
248,889 |
34,112 |
7.4 % |
||||||||||||
Other income: |
||||||||||||||||
Interest income |
16,847 |
43,465 |
5,957 |
158.0 % |
||||||||||||
Investment (loss) income |
(7,233) |
9,640 |
1,321 |
N.A. |
||||||||||||
Other income |
10,066 |
2,446 |
335 |
(75.7 %) |
||||||||||||
Total other income |
19,680 |
55,551 |
7,613 |
182.3 % |
||||||||||||
Income before taxes and |
251,451 |
304,440 |
41,725 |
21.1 % |
||||||||||||
Income tax expense |
(51,078) |
(68,499) |
(9,389) |
34.1 % |
||||||||||||
Loss from equity in affiliates |
(22,406) |
(3,897) |
(534) |
(82.6 %) |
||||||||||||
Net income |
177,967 |
232,044 |
31,802 |
30.4 % |
||||||||||||
Less: net loss attributable to |
(4,448) |
(1,282) |
(176) |
(71.2 %) |
||||||||||||
Net income attributable to |
182,415 |
233,326 |
31,978 |
27.9 % |
||||||||||||
Income per ADS, basic |
2.64 |
3.36 |
0.46 |
27.3 % |
||||||||||||
Income per ADS, diluted |
2.63 |
3.36 |
0.46 |
27.8 % |
||||||||||||
Margin analysis: |
||||||||||||||||
Operating margin |
33.9 % |
33.2 % |
33.2 % |
|||||||||||||
Net margin |
26.0 % |
30.9 % |
30.9 % |
|||||||||||||
Weighted average ADS |
||||||||||||||||
Basic |
69,212,818 |
69,472,282 |
69,472,282 |
|||||||||||||
Diluted |
69,255,667 |
69,485,287 |
69,485,287 |
|||||||||||||
ADS equivalent outstanding at |
62,558,122 |
63,154,215 |
63,154,215 |
|||||||||||||
[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 |
|||||||||
September |
|
September |
Change |
||||||
2022 |
2023 |
2023 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
177,967 |
232,044 |
31,802 |
30.4 % |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation |
107,640 |
21,405 |
2,934 |
(80.1 %) |
|||||
Comprehensive income |
285,607 |
253,449 |
34,736 |
(11.3 %) |
|||||
Less: Comprehensive loss attributable |
(4,428) |
(1,169) |
(160) |
73.6 % |
|||||
Comprehensive income attributable to |
290,035 |
254,618 |
34,896 |
(12.2 %) |
|
|||||
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
|||||
|
|
Change |
|||
Number of registered clients |
433,250 |
452,222 |
4.4 % |
||
Number of relationship managers |
1,257 |
1,408 |
12.0 % |
||
Number of cities in mainland China under |
76 |
59 |
(22.4 %) |
||
Three months ended |
|||||
|
|
Change |
|||
(in millions of RMB, except number of active clients and |
|||||
Number of active clients |
22,641 |
9,489 |
(58.1 %) |
||
Transaction value: |
|||||
Private equity products |
2,487 |
693 |
(72.1 %) |
||
Private secondary products |
3,326 |
5,670 |
70.5 % |
||
Mutual fund products |
11,650 |
14,929 |
28.1 % |
||
Other products |
507 |
1,024 |
102.1 % |
||
Total transaction value |
17,970 |
22,316 |
24.2 % |
|
||||||||
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 |
199,286 |
- |
- |
199,286 |
||||
Recurring service fees |
171,408 |
- |
- |
171,408 |
||||
Performance-based income |
8,440 |
- |
- |
8,440 |
||||
Other service fees |
61,915 |
- |
12,440 |
74,355 |
||||
Total revenues from others |
441,049 |
- |
12,440 |
453,489 |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
- |
32 |
- |
32 |
||||
Recurring service fees |
109,368 |
186,614 |
- |
295,982 |
||||
Performance-based income |
405 |
5,138 |
- |
5,543 |
||||
Total revenues from funds Gopher |
109,773 |
191,784 |
- |
301,557 |
||||
Total revenues |
550,822 |
191,784 |
12,440 |
755,046 |
||||
Less: VAT related surcharges |
(2,074) |
(389) |
(2,625) |
(5,088) |
||||
Net revenues |
548,748 |
191,395 |
9,815 |
749,958 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship managers |
(179,854) |
(5,894) |
- |
(185,748) |
||||
Others |
(144,256) |
(64,041) |
(6,750) |
(215,047) |
||||
Total compensation and benefits |
(324,110) |
(69,935) |
(6,750) |
(400,795) |
||||
Selling expenses |
(94,088) |
(18,723) |
(6,896) |
(119,707) |
||||
General and administrative |
(53,401) |
(9,217) |
(4,789) |
(67,407) |
||||
(Provision for) reversal of credit |
(894) |
(400) |
1,819 |
525 |
||||
Other operating expenses |
(11,677) |
(298) |
(7,007) |
(18,982) |
||||
Government subsidies |
89,925 |
13,656 |
1,716 |
105,297 |
||||
Total operating costs and expenses |
(394,245) |
(84,917) |
(21,907) |
(501,069) |
||||
Income (loss) from operations |
154,503 |
106,478 |
(12,092) |
248,889 |
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 |
92,551 |
- |
- |
92,551 |
||||
Recurring service fees |
195,429 |
- |
- |
195,429 |
||||
Performance-based income |
17,658 |
- |
- |
17,658 |
||||
Other service fees |
49,368 |
- |
21,922 |
71,290 |
||||
Total revenues from others |
355,006 |
- |
21,922 |
376,928 |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
- |
7,846 |
- |
7,846 |
||||
Recurring service fees |
112,636 |
184,012 |
- |
296,648 |
||||
Performance-based income |
515 |
9,594 |
- |
10,109 |
||||
Total revenues from funds Gopher |
113,151 |
201,452 |
- |
314,603 |
||||
Total revenues |
468,157 |
201,452 |
21,922 |
691,531 |
||||
Less: VAT related surcharges |
(2,212) |
(1,139) |
(3,712) |
(7,063) |
||||
Net revenues |
465,945 |
200,313 |
18,210 |
684,468 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship managers |
(103,275) |
(5,696) |
- |
(108,971) |
||||
Others |
(165,245) |
(58,758) |
(10,052) |
(234,055) |
||||
Total compensation and benefits |
(268,520) |
(64,454) |
(10,052) |
(343,026) |
||||
Selling expenses |
(65,988) |
(8,796) |
(1,211) |
(75,995) |
||||
General and administrative |
(39,345) |
(10,947) |
(7,219) |
(57,511) |
||||
Reversal of (provision for) credit |
931 |
(14) |
4,357 |
5,274 |
||||
Other operating expenses |
(1467) |
(357) |
(23,260) |
(25,084) |
||||
Government subsidies |
41,610 |
2,005 |
30 |
43,645 |
||||
Total operating costs and expenses |
(332,779) |
(82,563) |
(37,355) |
(452,697) |
||||
Income (loss) from operations |
133,166 |
117,750 |
(19,145) |
231,771 |
|
|||||||
Supplement Revenue Information by Geography |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth |
Asset |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
333,911 |
116,355 |
12,440 |
462,706 |
|||
|
165,361 |
42,668 |
- |
208,029 |
|||
Others |
51,550 |
32,761 |
- |
84,311 |
|||
Total revenues |
550,822 |
191,784 |
12,440 |
755,046 |
Three months ended |
|||||||
Wealth |
Asset |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
302,088 |
173,771 |
21,922 |
497,781 |
|||
|
125,240 |
6,945 |
- |
132,185 |
|||
Others |
40,829 |
20,736 |
- |
61,565 |
|||
Total revenues |
468,157 |
201,452 |
21,922 |
691,531 |
|
||||||
Reconciliation of GAAP to Non-GAAP Results |
||||||
(In RMB, except for per ADS data and percentages) |
||||||
(unaudited) |
||||||
Three months ended |
||||||
September |
September 30, |
Change |
||||
2022 |
2023 |
|||||
RMB'000 |
RMB'000 |
|||||
Net income attributable to Noah shareholders |
182,415 |
233,326 |
27.9 % |
|||
Adjustment for share-based compensation |
11,148 |
(1,161) |
N.A. |
|||
Less: tax effect of adjustments |
2,684 |
(281) |
N.A. |
|||
Adjusted net income attributable to Noah shareholders |
190,879 |
232,446 |
21.8 % |
|||
Net margin attributable to Noah shareholders |
26.7 % |
31.1 % |
||||
Non-GAAP net margin attributable to Noah shareholders |
27.9 % |
31.0 % |
||||
Net income attributable to Noah shareholders per ADS, |
2.63 |
3.36 |
27.8 % |
|||
Non-GAAP net income attributable to Noah shareholders |
2.76 |
3.35 |
21.4 % |
View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-third-quarter-of-2023-302000666.html
SOURCE