Noah Holdings Limited Announces Unaudited Preliminary Financial Results for the Fourth Quarter and Full Year 2020
FOURTH QUARTER 2020 FINANCIAL HIGHLIGHTS
- Net revenues for the fourth quarter of 2020 were
RMB953.2 million (US$146.1 million ), a 20.9% increase from the corresponding period in 2019, and an 11.0% increase compared with third quarter of 2020, due to increases in both one-time commissions and performance-based income.
(RMB millions, except percentages) |
Q4 2019 |
Q4 2020 |
YoY Change |
||
Wealth management |
527.9 |
643.2 |
21.8% |
||
Asset management |
204.1 |
306.0 |
49.9% |
||
Lending and other businesses |
56.3 |
4.0 |
(92.9%) |
||
Total net revenues |
788.3 |
953.2 |
20.9% |
- Income from operations for the fourth quarter of 2020 was
RMB335.5 million (US$51.4 million ), a 165.7% increase from the corresponding period in 2019, and a decrease of 3.4% compared with the third quarter of 2020.
(RMB millions, except percentages) |
Q4 2019 |
Q4 2020 |
YoY Change |
||
Wealth management |
34.8 |
206.3 |
492.8% |
||
Asset management |
91.0 |
151.8 |
66.8% |
||
Lending and other businesses |
0.5 |
(22.6) |
N.A. |
||
Total income from operations |
126.3 |
335.5 |
165.7% |
[1] As of the date hereof, the Company is still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Any changes in the fair value of those investments could affect the income from equity in affiliates, net loss, net loss attributable to Noah shareholders, loss per ADS and the balance of investments in affiliates in Noah's consolidated financial statements. If there will be any fair value adjustments associated with the above, which have not been included in these unaudited preliminary financial results in this press release, the Company will include such adjustments in the audited consolidated financial statements in its Form 20-F for the fiscal year 2020 and subsequent reporting if necessary. |
- Net Loss attributable to Noah shareholders for the fourth quarter of 2020 was
RMB1,573.5 million (US$241.2 million ), compared to net income attributable to Noah shareholders ofRMB102.8 million from the corresponding period in 2019, due to the recognition of a one-off settlement expense related to the settlement plan for investors of certain credit funds involving Camsing announcedAugust 25, 2020 (the "Camsing settlement") in the amount ofRMB1,828.9 million (US$280.3 million ).
- Non-GAAP[2] net income attributable to Noah shareholders for the fourth quarter of 2020 was
RMB262.5 million (US$40.2 million ), a 121.1% increase from the corresponding period in 2019.
[2] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, non-recurring settlement expense and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. |
FULL YEAR 2020 FINANCIAL HIGHLIGHTS
- Net revenues in the full year 2020 were
RMB3,305.8 million (US$506.6 million ), a 2.5% decrease from the full year 2019, mainly due to a decrease in other service fees.
(RMB millions, except percentages) |
FY 2019 |
FY 2020 |
YoY Change |
||
Wealth management |
2,319.3 |
2,366.3 |
2.0% |
||
Asset management |
783.5 |
875.5 |
11.7% |
||
Lending and other businesses |
289.0 |
64.0 |
(77.9%) |
||
Total net revenues |
3,391.8 |
3,305.8 |
(2.5%) |
- Income from operations in the full year 2020 was
RMB1,258.5 million (US$192.9 million ), a 37.5% increase from the full year 2019.
(RMB millions, except percentages) |
FY 2019 |
FY 2020 |
YoY Change |
||
Wealth management |
437.8 |
817.5 |
86.8% |
||
Asset management |
391.3 |
459.8 |
17.5% |
||
Lending and other businesses |
85.9 |
(18.8) |
N.A. |
||
Total income from operations |
915.0 |
1,258.5 |
37.5% |
- Net loss attributable to Noah shareholders in the full year 2020 was
RMB745.2 million (US$114.2 million ), compared to net income attributable to Noah shareholders ofRMB829.2 million from the full year 2019, due to the recognition of a one-off settlement expense related to the Camsing settlement in the amount ofRMB1,828.9 million (US$280.3 million ). - Non-GAAP net income attributable to Noah shareholders in the full year 2020 was
RMB1,129.7 million (US$173.1 million ), a 25.3% increase from the full year 2019.
FOURTH QUARTER AND FULL YEAR 2020 OPERATIONAL UPDATES
Wealth Management Business
The Company's wealth management business offers financial products and provides value-added services to high net worth clients in
- Total number of registered clients as of
December 31, 2020 was 360,637, a 22.8% increase fromDecember 31, 2019 and a 2.9% increase compared withSeptember 30, 2020 . - Total number of active clients[3] which excluded mutual fund-only clients during the fourth quarter of 2020 was 5,268, a 16.8% increase from the corresponding period in 2019. Counting in mutual fund-only clients, the total number of clients who transacted with us during the fourth quarter of 2020 was 19,501, a 25.5% increase from the corresponding quarter of 2019. Total number of active clients which excluded mutual fund-only clients during the full year 2020 was 12,161, a 16.4% decrease from the full year 2019, and total number of active clients counting in mutual fund-only clients during the full year 2020 was 34,213, an 8.6% increase from the full year 2019.
- Aggregate value of financial products distributed during the fourth quarter of 2020 was
RMB21.3 billion (US$3.3 billion ), a 61.9% increase from the corresponding period in 2019, due to the significant increase in the distribution of public securities products and private equity products.
Product type |
Three months ended |
||||||
2019 |
2020 |
||||||
(RMB in billions, except percentages) |
|||||||
Public securities products |
9.7 |
73.7% |
15.2 |
71.4% |
|||
Private equity products |
1.8 |
13.8% |
5.2 |
24.3% |
|||
Credit products |
1.0 |
7.2% |
0.1 |
0.4% |
|||
Other products |
0.7 |
5.3% |
0.8 |
3.9% |
|||
All products |
13.2 |
100.0% |
21.3 |
100.0% |
- Aggregate value of financial products distributed during the full year 2020 was
RMB94.7 billion (US$14.5 billion ), a 20.6% increase from the full year 2019, due to the significant increase in the distribution of public securities products.
Product type |
Twelve months ended |
|||
2019 |
2020 |
|||
(RMB in billions, except percentages) |
||||
Public securities products |
26.4 |
33.6% |
73.1 |
77.2% |
Private equity products |
14.3 |
18.2% |
17.9 |
18.9% |
Credit products |
34.3 |
43.7% |
0.6 |
0.6% |
Other products |
3.5 |
4.5% |
3.1 |
3.3% |
All products |
78.5 |
100.0% |
94.7 |
100.0% |
- Coverage network in mainland China included 80 cities as of
December 31, 2020 , compared with 79 cities as ofSeptember 30, 2020 , and 82 cities as ofDecember 31, 2019 . - Number of relationship managers was 1,231 as of
December 31, 2020 , a 2.2% increase fromSeptember 30, 2020 , and a 4.4% decrease fromDecember 31, 2019 , primarily as a result of the Company's efforts to streamline operational human resources. The turnover rate of core "elite" relationship managers was 5.1%, compared with 4.1% in the year of 2019.
[3] "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 only on our online mutual fund platform. |
Asset Management Business
The Company's asset management business, conducting through
- Total assets under management as of
December 31, 2020 wereRMB152.8 billion (US$23.4 billion ), a 1.8% decrease fromSeptember 30, 2020 due to the distribution of certain funds in real estate products and a 10.2% decrease fromDecember 31, 2019 due to voluntary redemption of certain credit products.
Investment type |
As of |
Growth |
Distribution/ Redemption |
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
109.4 |
70.3% |
5.6 |
2.0 |
113.0 |
74.0% |
|||||
Real estate |
16.8 |
10.7% |
- |
4.1 |
12.7 |
8.3% |
|||||
Credit |
11.7 |
7.5% |
- |
1.5 |
10.2 |
6.7% |
|||||
Public securities |
10.8 |
7.0% |
0.6 |
1.6[4] |
9.8 |
6.4% |
|||||
Multi-strategies |
7.0 |
4.5% |
0.2 |
0.1 |
7.1 |
4.6% |
|||||
All Investments |
155.7 |
100.0% |
6.4 |
9.3 |
152.8 |
100.0% |
Investment type |
As of |
Growth |
Distribution/ Redemption |
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
104.9 |
61.6% |
16.2 |
8.1 |
113.0 |
74.0% |
|||||
Real estate |
17.6 |
10.3% |
1.5 |
6.4 |
12.7 |
8.3% |
|||||
Credit |
29.6 |
17.4% |
0.1 |
19.5 |
10.2 |
6.7% |
|||||
Public securities |
9.3 |
5.5% |
5.5 |
5.0 |
9.8 |
6.4% |
|||||
Multi-strategies |
8.8 |
5.2% |
1.3 |
3.0 |
7.1 |
4.6% |
|||||
All Investments |
170.2 |
100.0% |
24.6 |
42.0 |
152.8 |
100.0% |
[4] The distribution/redemption of public securities also includes market appreciation or depreciation. |
Lending and Other Businesses
The Company's lending business utilizes an advanced risk-management system to assess and facilitate short-term loans to high quality borrowers, often secured with collateral. Starting in the fourth quarter of 2020, the Company has been integrating its internal resources to launch a new consolidated platform called "Noah Digital Intelligence" to offer comprehensive services including investor education, insurance products and a turnkey asset management platform, etc., which is led by our newly-on boarded senior management Mr.
Ms.
FOURTH QUARTER 2020 FINANCIAL RESULTS
Net Revenues
Net revenues for the fourth quarter of 2020 were
- Wealth Management Business
- Net revenues from one-time commissions for the fourth quarter of 2020 wereRMB235.7 million (US$36.1 million ), a 48.9% increase from the corresponding period in 2019 due to an increase in financial products distributed in fourth quarter of 2020.
- Net revenues from recurring service fees for the fourth quarter of 2020 wereRMB297.3 million (US$45.6 million ), a 3.0% decrease from the corresponding period in 2019. The decrease was primarily due to less service fees recognized upon liquidation of certain credit products with higher fee rates.
- Net revenues from performance-based income for the fourth quarter of 2020 wereRMB80.9 million (US$12.4 million ), compared withRMB15.8 million from the corresponding period of 2019, primarily due to an increase in performance-based income from public securities products and private equity fund products.
- Net revenues from other service fees for the fourth quarter of 2020 wereRMB29.3 million (US$4.5 million ), a 38.1% decrease from the corresponding period in 2019, primarily due to less value-added services Noah offers to its high net worth clients during the COVID-19 epidemic. - Asset Management Business
- Net revenues from recurring service fees for the fourth quarter of 2020 wereRMB138.6 million (US$21.2 million ), a 13.2% decrease from the corresponding period in 2019. The decrease was primarily due to a decrease in assets under management.
- Net revenues from performance-based income for the fourth quarter of 2020 wereRMB125.7 million (US$19.3 million ), a 201.1% increase from the corresponding period in 2019, primarily due to an increase in performance-based income from certain real estate funds and private equity funds. - Lending and Other Businesses
- Net revenues for the fourth quarter of 2020 wereRMB4.0 million (US$0.6 million ), a 92.9% decrease from the corresponding period in 2019. The decrease was primarily due to reduced loan origination since the second half of 2019.
Operating Costs and Expenses
Operating costs and expenses for the fourth quarter of 2020 were
- Operating costs and expenses for the wealth management business for the fourth quarter of 2020 were
RMB436.9 million (US$67.0 million ), an 11.4% decrease from the corresponding period in 2019 primarily due to a decrease in provision for credit loss. - Operating costs and expenses for the asset management business for the fourth quarter of 2020 were
RMB154.2 million (US$23.6 million ), a 36.3% increase from the corresponding period in 2019, primarily due to an increase in compensation and benefits. - Operating costs and expenses for the lending and other businesses for the fourth quarter of 2020 were
RMB26.7 million (US$4.1 million ), a 52.2% decrease from the corresponding period in 2019, primarily due to decreases in compensation and benefits as well as other operating expenses.
Operating Margin
Operating margin for the fourth quarter of 2020 was 35.2%, compared with 16.0% for the corresponding period in 2019.
- Operating margin for the wealth management business for the fourth quarter of 2020 was 32.1%, compared with 6.6% for the corresponding period in 2019, due to continuously operating efficiency improvement and the decrease of provision for credit loss.
- Operating margin for the asset management business for the fourth quarter of 2020 was 49.6%, compared with 44.6% for the corresponding period in 2019 due to increased performance-based income with higher operating margin.
- Loss from the lending and other businesses for the fourth quarter of 2020 was
RMB22.7 million (US$3.5 million ), compared with income from operations in the amount ofRMB0.5 million in the corresponding period of 2019 due to reduced loan origination.
Investment Loss
Investment Loss for the fourth quarter of 2020 was
Settlement Expense
As previously disclosed on
Income Tax Expenses
Income tax expenses for the fourth quarter of 2020 were
Income from Equity in Affiliates
Income from equity in affiliates for the fourth quarter of 2020 was
Net Income
- Net Income
- Net loss for the fourth quarter of 2020 wasRMB1,572.9 million (US$241.1 million ), compared to net income ofRMB117.9 million from the corresponding period in 2019.
- Net margin for the fourth quarter of 2020 was negative, compared with 15.0% for the corresponding period in 2019.
- Net loss attributable to Noah shareholders for the fourth quarter of 2020 wasRMB1,573.5 million (US$241.2 million ), compared to net income attributable to Noah shareholders ofRMB102.8 million from the corresponding period in 2019.
- Net margin attributable to Noah shareholders for the fourth quarter of 2020 was negative, compared with 13.0% for the corresponding period in 2019.
- Net loss attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2020 wasRMB24.92 (US$3.82 ), compared with net income attributable to Noah shareholders per basic and diluted ADS ofRMB1.67 andRMB1.66 respectively, for the corresponding period in 2019.
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2020 wasRMB262.5 million (US$40.2 million ), a 121.1% increase from the corresponding period in 2019.
- Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2020 was 27.5%, up from 15.1% for the corresponding period in 2019.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2020 wasRMB4.13 (US$0.63 ), up fromRMB1.92 for the corresponding period in 2019.
FULL YEAR 2020 FINANCIAL RESULTS
Net Revenues
Net revenues for the full year 2020 were
- Wealth Management Business
- Net revenues from one-time commissions for 2020 wereRMB762.0 million (US$116.8 million ), a 17.5% decrease from 2019, primarily due to less insurance products that we distributed due to COVID-19 epidemic.
- Net revenues from recurring service fees for 2020 wereRMB1,277.4 million (US$195.8 million ), an 11.1% increase from 2019. The increase was primarily due to the cumulative effect of financial products with recurring service fees previously distributed.
- Net revenues from performance-based income for 2020 wereRMB204.2 million (US$31.3 million ), a 775.4% increase from 2019, primarily due to an increase in performance-based income from public securities products and private equity fund products.
- Net revenues from other service fees for 2020 wereRMB122.8 million (US$18.8 million ), a 44.7% decrease from 2019, primarily due to less value-added services Noah offers to its high net worth clients during the COVID-19 epidemic. - Asset Management Business
- Net revenues from recurring service fees for 2020 wereRMB642.4 million (US$98.5 million ), a 6.4% decrease from 2019. The decrease was primarily due to a decrease in assets under management in credit products.
- Net revenues from performance-based income for 2020 wereRMB183.3 million (US$28.1 million ), a 105.5% increase from 2019, primarily due to an increase in performance-based income from private equity fund products. - Lending and Other Businesses
- Net revenues for 2020 wereRMB64.0 million (US$9.8 million ), a 77.9% decrease from 2019.
Operating costs and expenses
Operating costs and expenses for 2020 were
- Operating costs and expenses for the wealth management business for 2020 were
RMB1,548.9 million (US$237.4 million ), a 17.7% decrease from 2019, primarily due to the decrease in compensation and benefits and provision for credit losses. - Operating costs and expenses for the asset management business for 2020 were
RMB415.7 million (US$63.7 million ), a 6.0% increase from 2019, primarily due to an increase in performance fee compensation related to performance-based income. - Operating costs and expenses for the lending and other businesses for 2020 were
RMB82.8 million (US$12.7 million ), a 59.2% decrease from 2019, primarily due to a decrease in compensation and benefits as well as other operating expenses.
Operating Margin
Operating margin for the full year 2020 was 38.1%, compared to 27.0% for the full year 2019.
- Operating margin for the wealth management business for 2020 was 34.5%, compared to 18.9% for 2019, mainly due to continuously operating efficiency improvement and the decrease of provision for credit losses.
- Operating margin for the asset management business for 2020 was 52.5%, compared to 49.9% for 2019.
- Loss from the lending and other businesses for 2020 was
RMB18.8 million (US$2.9 million ), compared with income from operations in the amount ofRMB85.9 million for 2019 due to reduced loan origination
Investment Loss
Investment loss for the full year 2020 was
Income Tax Expenses
Income tax expenses for the full year 2020 were
Net Income
- Net Income
- Net loss for the full year 2020 wasRMB743.5 million (US$113.9 million ), compared to net income ofRMB863.8 million from the full year 2019.
- Net margin for the full year 2020 was negative, compared with 25.5% for the full year 2019.
- Net loss attributable to Noah shareholders for the full year 2020 wasRMB745.2 million (US$114.2 million ), compared to net income attributable to Noah shareholders ofRMB829.2 million for the full year 2019.
- Net margin attributable to Noah shareholders for the full year 2020 was negative, compared with 24.4% for the full year 2019.
- Net loss attributable to Noah shareholders per basic and diluted ADS for the full year 2020 wasRMB12.01 (US$1.84 ), compared with net income attributable to Noah shareholders per basic and diluted ADS ofRMB13.56 andRMB13.42 respectively, for the full year 2019.
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the full year 2020 wasRMB1,129.7 million (US$173.1 million ), a 25.3% increase from the full year 2019.
- Non-GAAP net margin attributable to Noah shareholders for the full year 2020 was 34.2%, up from 26.6% for the full year 2019.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the full year 2020 wasRMB18.12 (US$2.78 ), up fromRMB14.59 for the full year 2019.
BALANCE SHEET AND CASH FLOW
As of
Net cash inflow from the Company's operating activities during the fourth quarter of 2020 was
Net cash inflow from the Company's investing activities during the fourth quarter of 2020 was
Net cash outflow from the Company's financing activities was
NOTE TO FINANCIAL INFORMATION
As of the date of this press release, we are still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Any changes in the fair value of those investments could affect the income from equity in affiliates, net income, net income attributable to Noah shareholders, income per ADS and the balance of investments in affiliates in our consolidated financial statements. While not included in the unaudited preliminary fourth quarter 2020 financial results in this press release, we will include any such fair value adjustments in the audited consolidated financial statements in our 2020 Form 20-F and will make a subsequent announcement when our review conclude, as appropriate.
Update on Share Repurchase
On
2021 FORECAST
Even though the ongoing global spread of a novel strain of coronavirus (COVID-19) still have notably slowed down the global economy recovery especially for various travel bans set in
CONFERENCE CALL
Senior management will host a combined English and Chinese language conference call to discuss the Company's fourth quarter and full year 2020 unaudited financial results and recent business activities.
The conference call may be accessed with the following details:
Conference call details |
|
Date/Time:
|
|
Dial in details: |
|
- United States Toll Free |
+1 888-317-6003 |
- Mainland |
4001-206-115 |
- Hong Kong Toll Free |
800-963976 |
- International |
+1-412-317-6061 |
Conference Title: |
Noah Holdings Fourth Quarter 2020 Earnings Call |
Participant Password: |
9945089 |
A telephone replay will be available starting approximately one hour after the end of the conference call until March 22, 2021 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 10152670.
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 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 diversified financial products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,231 relationship managers across 80 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 fourth quarter of 2020 and full year 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 |
|||||||
September |
|
December |
|||||
2020 |
2020 |
2020 |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
4,597,443 |
5,005,211 |
767,082 |
||||
Restricted cash |
727 |
9,993 |
1,531 |
||||
Short-term investments |
55,382 |
114,928 |
17,613 |
||||
Accounts receivable, net |
360,189 |
434,458 |
66,584 |
||||
Loans receivable, net |
476,730 |
418,947 |
64,206 |
||||
Amounts due from related parties |
696,806 |
520,178 |
79,721 |
||||
Other current assets |
194,464 |
199,447 |
30,567 |
||||
Total current assets |
6,381,741 |
6,703,162 |
1,027,304 |
||||
Long-term investments, net |
824,562 |
536,384 |
82,205 |
||||
Investment in affiliates |
1,252,054 |
1,264,685 |
193,821 |
||||
Property and equipment, net |
250,106 |
248,669 |
38,110 |
||||
Operating lease right-of-use assets, net |
291,694 |
274,154 |
42,016 |
||||
Deferred tax assets |
178,358 |
224,240 |
34,366 |
||||
Other non-current assets |
165,559 |
148,292 |
22,726 |
||||
Total Assets |
9,344,074 |
9,399,586 |
1,440,548 |
||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Accrued payroll and welfare expenses |
510,043 |
705,622 |
108,141 |
||||
Income tax payable |
136,582 |
140,777 |
21,575 |
||||
Deferred revenues |
125,092 |
71,613 |
10,975 |
||||
Other current liabilities |
318,964 |
354,822 |
54,379 |
||||
Contingent liability |
- |
530,433 |
81,292 |
||||
Total current liabilities |
1,090,681 |
1,803,267 |
276,362 |
||||
Operating lease liabilities, non-current |
289,076 |
272,212 |
41,718 |
||||
Deferred tax liabilities |
53,891 |
45,881 |
7,032 |
||||
Other non-current liabilities |
867 |
855 |
131 |
||||
Total Liabilities |
1,434,515 |
2,122,215 |
325,243 |
||||
Equity |
7,909,559 |
7,277,371 |
1,115,305 |
||||
Total Liabilities and Equity |
9,344,074 |
9,399,586 |
1,440,548 |
|
|||||||
Condensed Consolidated Income Statements |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
|
|
|
Change |
||||
2019 |
2020 |
2020 |
|||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
||||
Revenues from others: |
|||||||
One-time commissions |
150,494 |
229,744 |
35,210 |
52.7% |
|||
Recurring service fees |
125,851 |
199,372 |
30,555 |
58.4% |
|||
Performance-based income |
15,909 |
81,488 |
12,489 |
412.2% |
|||
Other service fees |
105,691 |
39,361 |
6,032 |
(62.8%) |
|||
Total revenues from others |
397,945 |
549,965 |
84,286 |
38.2% |
|||
Revenues from funds Gopher |
|||||||
One-time commissions |
10,659 |
43,531 |
6,671 |
308.4% |
|||
Recurring service fees |
342,658 |
239,144 |
36,650 |
(30.2%) |
|||
Performance-based income |
41,981 |
126,382 |
19,369 |
201.0% |
|||
Total revenues from funds |
395,298 |
409,057 |
62,690 |
3.5% |
|||
Total revenues |
793,243 |
959,022 |
146,976 |
20.9% |
|||
Less: VAT related surcharges |
(4,900) |
(5,805) |
(890) |
18.5% |
|||
Net revenues |
788,343 |
953,217 |
146,086 |
20.9% |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship manager |
|||||||
(133,306) |
(185,926) |
(28,494) |
39.5% |
||||
Others |
(240,808) |
(259,872) |
(39,827) |
7.9% |
|||
Total compensation and |
|||||||
(374,114) |
(445,798) |
(68,321) |
19.2% |
||||
Selling expenses |
(77,741) |
(94,648) |
(14,505) |
21.7% |
|||
General and administrative |
|||||||
(101,294) |
(84,036) |
(12,879) |
(7.0%) |
||||
Provision for credit losses |
(78,718) |
1,789 |
274 |
N.A. |
|||
Other operating expenses |
(42,064) |
(22,579) |
(3,460) |
(46.3%) |
|||
Government grants |
11,862 |
27,518 |
4,217 |
132.0% |
|||
Total operating costs and |
|||||||
(662,069) |
(617,754) |
(94,674) |
(6.7%) |
||||
Income from operations |
126,274 |
335,463 |
51,412 |
165.7% |
|||
Other income (expense): |
|||||||
Interest income |
22,977 |
22,537 |
3,454 |
(1.9%) |
|||
Investment loss |
(17,725) |
(109,397) |
(16,766) |
517.2%. |
|||
Settlement expense |
- |
(1,828,907) |
(280,292) |
N.A. |
|||
Other expense |
(308) |
(5,033) |
(771) |
1534.1% |
|||
Total other income (expense) |
4,944 |
(1,920,800) |
(294,375) |
N.A. |
|||
Income (loss) before taxes and |
131,218 |
(1,585,337) |
(242,963) |
N.A. |
|||
Income tax expense |
(28,174) |
(27,430) |
(4,204) |
(2.6%) |
|||
Income from equity in affiliates |
14,883 |
39,836 |
6,105 |
167.7% |
|||
Net income (loss) |
117,927 |
(1,572,931) |
(241,062) |
N.A. |
|||
Less: net income attributable to |
|||||||
15,134 |
576 |
88 |
(96.2%) |
||||
Net income (loss) attributable |
102,793 |
(1,573,507) |
(241,150) |
N.A. |
|||
Income (loss) per ADS, basic |
1.67 |
(24.92) |
(3.82) |
N.A. |
|||
Income (loss) per ADS, diluted |
1.66 |
(24.92) |
(3.82) |
N.A. |
|||
Margin analysis: |
|||||||
Operating margin |
16.0% |
35.2% |
35.2% |
||||
Net margin |
15.0% |
(165.0%) |
(165.0%) |
||||
Weighted average ADS |
|||||||
Basic |
61,532,722 |
63,149,844 |
63,149,844 |
||||
Diluted |
61,900,487 |
63,149,844 |
63,149,844 |
||||
ADS equivalent outstanding at |
|||||||
61,599,313 |
61,088,680 |
61,088,680 |
|||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two |
|
||||||||
Condensed Consolidated Income Statements |
||||||||
(unaudited) |
||||||||
Twelve months ended |
||||||||
|
|
|
Change |
|||||
2019 |
2020 |
2020 |
||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
|||||
Revenues from others: |
||||||||
One-time commissions |
690,860 |
679,014 |
104,063 |
(1.7%) |
||||
Recurring service fees |
524,692 |
700,157 |
107,304 |
33.4% |
||||
Performance-based income |
23,437 |
180,529 |
27,667 |
670.3% |
||||
Other service fees |
522,958 |
196,151 |
30,061 |
(62.5%) |
||||
Total revenues from others |
1,761,947 |
1,755,851 |
269,095 |
(0.3%) |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
240,808 |
129,823 |
19,896 |
(46.1%) |
||||
Recurring service fees |
1,320,773 |
1,230,042 |
188,512 |
(6.9%) |
||||
Performance-based income |
89,648 |
208,996 |
32,030 |
133.1% |
||||
Total revenues from funds |
1,651,229 |
1,568,861 |
240,438 |
(5.0%) |
||||
Total revenues |
3,413,176 |
3,324,712 |
509,533 |
(2.6%) |
||||
Less: VAT related surcharges |
(21,364) |
(18,886) |
(2,894) |
(11.6%) |
||||
Net revenues |
3,391,812 |
3,305,826 |
506,639 |
(2.5%) |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship manager |
||||||||
(625,044) |
(613,999) |
(94,099) |
(1.8%) |
|||||
Others |
(985,726) |
(890,013) |
(136,400) |
(9.7%) |
||||
Total compensation and |
||||||||
(1,610,770) |
(1,504,012) |
(230,499) |
(6.6%) |
|||||
Selling expenses |
(331,346) |
(271,692) |
(41,639) |
(18.0%) |
||||
General and administrative |
(296,492) |
(277,879) |
(42,587) |
(6.3%) |
||||
Provision for credit losses |
(130,723) |
(8,083) |
(1,239) |
(93.8%) |
||||
Other operating expenses |
(196,793) |
(99,040) |
(15,179) |
(49.7%) |
||||
Government grants |
89,278 |
113,356 |
17,373 |
27.0% |
||||
Total operating costs and |
||||||||
(2,476,846) |
(2,047,350) |
(313,770) |
(17.3%) |
|||||
Income from operations |
914,966 |
1,258,476 |
192,869 |
37.5% |
||||
Other income (expense): |
||||||||
Interest income |
89,099 |
67,317 |
10,317 |
(24.4%) |
||||
Interest expenses |
(430) |
- |
- |
N.A. |
||||
Investment loss |
(28,620) |
(86,369) |
(13,237) |
201.8%. |
||||
Settlement expenses |
-- |
(1,828,907) |
(280,292) |
N.A. |
||||
Other income (expense) |
(7,040) |
4,164 |
638 |
N.A. |
||||
Total other income (expense) |
53,009 |
(1,843,795) |
(282,574) |
N.A. |
||||
Income (loss) before taxes and |
967,975 |
(585,319) |
(89,705) |
N.A. |
||||
Income tax expense |
(220,025) |
(258,460) |
(39,611) |
17.5% |
||||
Income from equity in affiliates |
115,809 |
100,257 |
15,365 |
(13.4%) |
||||
Net income (loss) |
863,759 |
(743,522) |
(113,951) |
N.A. |
||||
Less: net income attributable to |
||||||||
34,608 |
1,703 |
261 |
(95.1%) |
|||||
Net income (loss) attributable |
829,151 |
(745,225) |
(114,212) |
N.A. |
||||
Income (loss) per ADS, basic |
13.56 |
(12.01) |
(1.84) |
N.A. |
||||
Income (loss) per ADS, diluted |
13.42 |
(12.01) |
(1.84) |
N.A. |
||||
Margin analysis: |
||||||||
Operating margin |
27.0% |
38.1% |
38.1% |
|||||
Net margin |
25.5% |
(22.5%) |
(22.5%) |
|||||
Weighted average ADS |
||||||||
Basic |
61,160,362 |
62,040,878 |
62,040,878 |
|||||
Diluted |
61,848,191 |
62,040,878 |
62,040,878 |
|||||
ADS equivalent outstanding at |
||||||||
61,599,313 |
61,088,680 |
61,088,680 |
||||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two |
|
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Three months ended |
|||||||||
December |
December |
December |
Change |
||||||
2019 |
2020 |
2020 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income (loss) |
117,927 |
(1,572,931) |
(241,062) |
N.A. |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
(81,693) |
(98,385) |
(15,078) |
20.4% |
|||||
Fair value fluctuation of available for sale |
7 |
- |
- |
N.A. |
|||||
Comprehensive income (loss) |
36,241 |
(1,671,316) |
(256,140) |
N.A. |
|||||
Less: Comprehensive income attributable |
15,090 |
469 |
72 |
(96.9%) |
|||||
Comprehensive income (loss) |
21,151 |
(1,671,785) |
(256,212) |
N.A. |
|
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Twelve months ended |
|||||||||
December |
December |
December |
Change |
||||||
2019 |
2020 |
2020 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income (loss) |
863,759 |
(743,522) |
(113,951) |
N.A. |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
61,601 |
(176,910) |
(27,113) |
N.A. |
|||||
Fair value fluctuation of available for sale |
(797) |
771 |
118 |
N.A. |
|||||
Comprehensive income (loss) |
924,563 |
(919,661) |
(140,946) |
N.A. |
|||||
Less: Comprehensive income attributable |
34,558 |
1,727 |
265 |
(95.0%) |
|||||
Comprehensive income (loss) |
890,005 |
(921,388) |
(141,211) |
N.A. |
|
|||||
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
|||||
|
|
Change |
|||
Number of registered clients |
293,760 |
360,637 |
22.8% |
||
Number of relationship managers |
1,288 |
1,231 |
(4.4%) |
||
Number of cities in mainland China under |
82 |
80 |
(2.4%) |
||
Three months ended |
|||||
|
|
Change |
|||
(in millions of RMB, except number of active clients and |
|||||
Number of active clients[5] |
4,512 |
5,268 |
16.8% |
||
Number of active clients including mutual fund |
15,535 |
19,501 |
25.5% |
||
Transaction value: |
|||||
Public securities products |
9,708 |
15,217 |
56.7% |
||
Private equity products |
1,811 |
5,172 |
185.6% |
||
Credit products |
948 |
89 |
(90.6%) |
||
Other products |
703 |
841 |
19.6% |
||
Total transaction value |
13,170 |
21,319 |
61.9% |
||
Twelve months ended |
|||||
|
|
Change |
|||
(in millions of RMB, except number of active clients and |
|||||
Number of active clients |
14,538 |
12,161 |
(16.4%) |
||
Number of active clients including mutual fund |
31,495 |
34,213 |
8.6% |
||
Transaction value: |
|||||
Public securities products |
26,378 |
73,143 |
177.3% |
||
Private equity products |
14,279 |
17,876 |
25.2% |
||
Credit products |
34,316 |
616 |
(98.2%) |
||
Other products |
3,551 |
3,101 |
(12.7%) |
||
Total transaction value |
78,524 |
94,736 |
20.6% |
||
[5] "Active clients" for a given period refers to registered high net worth clients who purchase financial |
|
|||||||
Segment Condensed Income Statements |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth Business |
Asset Business |
Lending and |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Revenues from others |
|||||||
One-time commissions |
229,418 |
326 |
- |
229,744 |
|||
Recurring service fees |
198,347 |
1,025 |
- |
199,372 |
|||
Performance-based income |
81,351 |
137 |
- |
81,488 |
|||
Other service fees |
29,484 |
5,804 |
4,073 |
39,361 |
|||
Total revenues from others |
538,600 |
7,292 |
4,073 |
549,965 |
|||
Revenues from funds Gopher manages |
|||||||
One-time commissions |
7,710 |
35,821 |
- |
43,531 |
|||
Recurring service fees |
100,651 |
138,493 |
- |
239,144 |
|||
Performance-based income |
- |
126,382 |
- |
126,382 |
|||
Total revenues from funds Gopher |
108,361 |
300,696 |
- |
409,057 |
|||
Total revenues |
646,961 |
307,988 |
4,073 |
959,022 |
|||
Less: VAT related surcharges |
(3,770) |
(1,957) |
(78) |
(5,805) |
|||
Net revenues |
643,191 |
306,031 |
3,995 |
953,217 |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship managers |
(185,471) |
- |
(455) |
(185,926) |
|||
Others |
(120,349) |
(124,714) |
(14,809) |
(259,872) |
|||
Total compensation and benefits |
(305,820) |
(124,714) |
(15,264) |
(445,798) |
|||
Selling expenses |
(84,160) |
(9,822) |
(666) |
(94,648) |
|||
General and administrative |
(58,837) |
(18,291) |
(6,908) |
(84,036) |
|||
Provision for credit losses |
3,113 |
(251) |
(1,073) |
1,789 |
|||
Other operating expenses |
(18,287) |
(1,435) |
(2,857) |
(22,579) |
|||
Government grants |
27,100 |
316 |
102 |
27,518 |
|||
Total operating costs and expenses |
(436,891) |
(154,197) |
(26,666) |
(617,754) |
|||
Income (loss) from operations |
206,300 |
151,834 |
(22,671) |
335,463 |
|
||||||||
Segment Condensed Income Statements |
||||||||
(unaudited) |
||||||||
Three months ended |
||||||||
Wealth |
Asset |
Lending and |
Total |
|||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
|||||
Revenues: |
||||||||
Revenues from others |
||||||||
One-time commissions |
149,806 |
688 |
- |
150,494 |
||||
Recurring service fees |
124,872 |
979 |
- |
125,851 |
||||
Performance-based income |
15,909 |
- |
- |
15,909 |
||||
Other service fees |
47,594 |
718 |
57,379 |
105,691 |
||||
Total revenues from others |
338,181 |
2,385 |
57,379 |
397,945 |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
9,344 |
1,315 |
- |
10,659 |
||||
Recurring service fees |
183,119 |
159,539 |
- |
342,658 |
||||
Performance-based income |
- |
41,981 |
- |
41,981 |
||||
Total revenues from funds Gopher |
192,463 |
202,835 |
- |
395,298 |
||||
Total revenues |
530,644 |
205,220 |
57,379 |
793,243 |
||||
Less: VAT related surcharges |
(2,707) |
(1,098) |
(1,095) |
(4,900) |
||||
Net revenues |
527,937 |
204,122 |
56,284 |
788,343 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship managers |
(133,306) |
- |
- |
(133,306) |
||||
Others |
(143,475) |
(75,072) |
(22,261) |
(240,808) |
||||
Total compensation and benefits |
(276,781) |
(75,072) |
(22,261) |
(374,114) |
||||
Selling expenses |
(64,026) |
(9,099) |
(4,616) |
(77,741) |
||||
General and administrative |
(64,375) |
(27,485) |
(9,434) |
(101,294) |
||||
Provision for doubtful credit looses |
(74,163) |
(1,165) |
(3,390) |
(78,718) |
||||
Other operating expenses |
(22,676) |
(3,190) |
(16,198) |
(42,064) |
||||
Government grants |
8,925 |
2,870 |
67 |
11,862 |
||||
Total operating costs and expenses |
(493,096) |
(113,141) |
(55,832) |
(662,069) |
||||
Income from operations |
34,841 |
90,981 |
452 |
126,274 |
|
||||||||
Segment Condensed Income Statements |
||||||||
(unaudited) |
||||||||
Twelve months ended |
||||||||
Wealth |
Asset |
Lending and |
Total |
|||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
|||||
Revenues: |
||||||||
Revenues from others |
||||||||
One-time commissions |
677,726 |
1,288 |
- |
679,014 |
||||
Recurring service fees |
697,140 |
3,017 |
- |
700,157 |
||||
Performance-based income |
180,385 |
144 |
- |
180,529 |
||||
Other service fees |
123,458 |
7,451 |
65,242 |
196,151 |
||||
Total revenues from others |
1,678,709 |
11,900 |
65,242 |
1,755,851 |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
88,520 |
41,303 |
- |
129,823 |
||||
Recurring service fees |
587,307 |
642,735 |
- |
1,230,042 |
||||
Performance-based income |
24,920 |
184,076 |
- |
208,996 |
||||
Total revenues from funds Gopher |
700,747 |
868,114 |
- |
1,568,861 |
||||
Total revenues |
2,379,456 |
880,014 |
65,242 |
3,324,712 |
||||
Less: VAT related surcharges |
(13,123) |
(4,521) |
(1,242) |
(18,886) |
||||
Net revenues |
2,366,333 |
875,493 |
64,000 |
3,305,826 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship managers |
(613,101) |
- |
(898) |
(613,999) |
||||
Others |
(486,668) |
(339,691) |
(63,654) |
(890,013) |
||||
Total compensation and benefits |
(1,099,769) |
(339,691) |
(64,552) |
(1,504,012) |
||||
Selling expenses |
(228,853) |
(34,302) |
(8,537) |
(271,692) |
||||
General and administrative |
(197,511) |
(59,440) |
(20,928) |
(277,879) |
||||
Provision for credit losses |
(3,785) |
(251) |
(4,047) |
(8,083) |
||||
Other operating expenses |
(76,983) |
(6,443) |
(15,614) |
(99,040) |
||||
Government grants |
58,046 |
24,443 |
30,867 |
113,356 |
||||
Total operating costs and expenses |
(1,548,855) |
(415,684) |
(82,811) |
(2,047,350) |
||||
Income (loss) from operations |
817,478 |
459,809 |
(18,811) |
1,258,476 |
|
||||||||
Segment Condensed Income Statements |
||||||||
(unaudited) |
||||||||
Twelve months ended |
||||||||
Wealth |
Asset |
Lending and |
Total |
|||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
|||||
Revenues: |
||||||||
Revenues from others |
||||||||
One-time commissions |
688,652 |
2,208 |
- |
690,860 |
||||
Recurring service fees |
520,013 |
4,679 |
- |
524,692 |
||||
Performance-based income |
23,333 |
104 |
- |
23,437 |
||||
Other service fees |
222,912 |
4,274 |
295,772 |
522,958 |
||||
Total revenues from others |
1,454,910 |
11,265 |
295,772 |
1,761,947 |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
239,409 |
1,399 |
- |
240,808 |
||||
Recurring service fees |
635,437 |
685,336 |
- |
1,320,773 |
||||
Performance-based income |
97 |
89,551 |
- |
89,648 |
||||
Total revenues from funds Gopher |
874,943 |
776,286 |
- |
1,651,229 |
||||
Total revenues |
2,329,853 |
787,551 |
295,772 |
3,413,176 |
||||
Less: VAT related surcharges |
(10,574) |
(3,971) |
(6,819) |
(21,364) |
||||
Net revenues |
2,319,279 |
783,580 |
288,953 |
3,391,812 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship managers |
(625,044) |
- |
- |
(625,044) |
||||
Others |
(607,336) |
(279,895) |
(98,495) |
(985,726) |
||||
Total compensation and benefits |
(1,232,380) |
(279,895) |
(98,495) |
(1,610,770) |
||||
Selling expenses |
(287,541) |
(26,661) |
(17,144) |
(331,346) |
||||
General and administrative |
(194,908) |
(71,805) |
(29,779) |
(296,492) |
||||
Provision for credit losses |
(121,572) |
(3,800) |
(5,351) |
(130,723) |
||||
Other operating expenses |
(103,846) |
(25,978) |
(66,969) |
(196,793) |
||||
Government grants |
58,704 |
15,878 |
14,696 |
89,278 |
||||
Total operating costs and expenses |
(1,881,543) |
(392,261) |
(203,042) |
(2,476,846) |
||||
Income from operations |
437,736 |
391,319 |
85,911 |
914,966 |
|
|||||||
Supplement Revenue Information by Geography |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth Business |
Asset Business |
Lending and |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
513,690 |
262,719 |
4,073 |
780,482 |
|||
|
114,285 |
39,536 |
- |
153,821 |
|||
Others |
18,986 |
5,733 |
- |
24,719 |
|||
Total revenues |
646,961 |
307,988 |
4,073 |
959,022 |
|
|||||||
Supplement Revenue Information by Geography |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth Business |
Asset Business |
Lending and |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
324,935 |
173,100 |
57,379 |
555,414 |
|||
|
135,164 |
28,480 |
- |
163,644 |
|||
Others |
70,545 |
3,640 |
- |
74,185 |
|||
Total revenues |
530,644 |
205,220 |
57,379 |
793,243 |
|
|||||||
Supplement Revenue Information by Geography |
|||||||
(unaudited) |
|||||||
Twelve months ended |
|||||||
Wealth Business |
Asset Business |
Lending and |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
1,787,611 |
742,743 |
65,242 |
2,595,596 |
|||
|
452,810 |
111,431 |
- |
564,241 |
|||
Others |
139,035 |
25,840 |
- |
164,875 |
|||
Total revenues |
2,379,456 |
880,014 |
65,242 |
3,324,712 |
|||
Twelve months ended |
|||||||
Wealth Business |
Asset Business |
Lending and |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
1,494,742 |
676,837 |
295,772 |
2,467,351 |
|||
|
633,168 |
99,957 |
- |
733,125 |
|||
Others |
201,943 |
10,757 |
- |
212,700 |
|||
Total revenues |
2,329,853 |
787,551 |
295,772 |
3,413,176 |
|
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(In RMB, except for per ADS data and percentages) |
|||||||
(unaudited)[6] |
|||||||
Three months ended |
|||||||
|
|
Change |
|||||
2019 |
2020 |
||||||
RMB'000 |
RMB'000 |
||||||
Net income (loss) attributable to Noah shareholders |
102,793 |
(1,573,507) |
N.A. |
||||
Adjustment for share-based compensation |
20,977 |
9,041 |
(56.9%) |
||||
Add: settlement expense |
- |
1,828,907 |
N.A. |
||||
Less: tax effect of adjustments |
5,039 |
1,985 |
(60.6%). |
||||
Adjusted net income attributable to Noah shareholders |
118,731 |
262,456 |
121.1% |
||||
Net margin attributable to Noah shareholders |
13.0% |
(165.1%) |
|||||
Non-GAAP net margin attributable to Noah shareholders |
15.1% |
27.5% |
|||||
Net income (loss) attributable to Noah shareholders per |
1.66 |
(24.92) |
N.A. |
||||
Non-GAAP net income attributable to Noah shareholders |
1.92 |
4.13 |
115.1% |
||||
[6] 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, non-recurring settlement expense and net of relevant tax impact, if any. Starting from this quarter, we have excluded the Non-GAAP adjustment related to fair value changes of equity securities (unrealized) and adjustment for sale of equity securities and their related tax impact because the impact of adopting ASU 2016-01 has been reflected in all periods presented. We have also revised the comparative period presentation to conform to current period measurement. |
|
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(In RMB, except for per ADS data and percentages) |
|||||||
(unaudited) |
|||||||
Twelve months ended |
|||||||
|
|
Change |
|||||
2019 |
2020 |
||||||
RMB'000 |
RMB'000 |
||||||
Net income (loss) attributable to Noah shareholders |
829,151 |
(745,225) |
N.A. |
||||
Adjustment for share-based compensation |
94,897 |
59,789 |
(37.0%) |
||||
Add: settlement expense |
- |
1,828,907 |
N.A. |
||||
Less: tax effect of adjustments |
22,346 |
13,821 |
(38.2%). |
||||
Adjusted net income attributable to Noah shareholders |
901,702 |
1,129,650 |
25.3%
|
||||
Net margin attributable to Noah shareholders |
24.4% |
(22.5%) |
|||||
Non-GAAP net margin attributable to Noah shareholders |
26.6% |
34.2% |
|||||
Net income (loss) attributable to Noah shareholders per |
13.42 |
(12.01) |
N.A. |
||||
Non-GAAP net income attributable to Noah shareholders |
14.59 |
18.12 |
24.2% |
||||
View original content:http://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-preliminary-financial-results-for-the-fourth-quarter-and-full-year-2020-301247615.html
SOURCE
Noah Holdings Limited, Sonia Han, Melo Xi, Ryan Teng, +86-21-8035-8294, ir@noahgroup.com