Noah Holdings Limited Announces Unaudited Preliminary Financial Results for the Fourth Quarter and Full Year 2021
FOURTH QUARTER 2021 FINANCIAL HIGHLIGHTS
- Net revenues for the fourth quarter of 2021 were
RMB1,260.1 million (US$197.7 million ), a 32.2% increase from the corresponding period in 2020, and a 38.6% increase compared with third quarter of 2021, mainly due to increases in one-time commissions.
(RMB millions, except percentages) |
Q4 2020 |
Q4 2021 |
YoY Change |
||
Wealth management |
643.2 |
969.3 |
50.7% |
||
Asset management |
306.0 |
273.8 |
(10.5%) |
||
Other businesses |
4.0 |
17.0 |
325.5% |
||
Total net revenues |
953.2 |
1,260.1 |
32.2% |
- Income from operations for the fourth quarter of 2021 was
RMB132.3 million (US$20.8 million ), a 60.6% decrease from the corresponding period in 2020, due to our budgeted continuing strategic investments on talents and client experiences in 2021 and provision for credit loss for our lending business in the fourth quarter of 2021.
(RMB millions, except percentages) |
Q4 2020 |
Q4 2021 |
YoY Change |
||
Wealth management |
206.3 |
183.6 |
(11.0%) |
||
Asset management |
151.8 |
80.8 |
(46.8%) |
||
Other businesses |
(22.6) |
(132.1) |
481.9% |
||
Total income from operations |
335.5 |
132.3 |
(60.6%) |
- Net income attributable to Noah shareholders for the fourth quarter of 2021 was
RMB281.3 million (US$44.1 million ), compared to net loss attributable to Noah shareholders ofRMB1,573.5 million from the corresponding period in 2020, due to the recognition of a one-off settlement expense related to the settlement plan for investors of certain credit funds involving Camsing announced onAugust 25, 2020 (the "Camsing settlement") in the amount ofRMB1,828.9 million in 2020, and a 3.0% increase compared with the third quarter of 2021. - Non-GAAP[2] net income attributable to Noah shareholders for the fourth quarter of 2021 was
RMB289.6 million (US$45.4 million ), a 10.3% increase from the corresponding period in 2020, and a 1.9% increase from the third quarter of 2021.
[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 income, net income attributable to Noah shareholders, income 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 2021 and subsequent reporting if necessary. |
[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 2021 FINANCIAL HIGHLIGHTS
- Net revenues in the full year 2021 were
RMB4,293.1 million (US$673.7 million ), a 29.9% increase from the full year 2020, mainly due to increases in one-time commissions, recurring service fees as well as performance-based income.
(RMB millions, except percentages) |
FY 2020 |
FY 2021 |
YoY Change |
||
Wealth management |
2,366.3 |
3,194.9 |
35.0% |
||
Asset management |
875.5 |
1,041.5 |
19.0% |
||
Other businesses |
64.0 |
56.7 |
(11.4%) |
||
Total net revenues |
3,305.8 |
4,293.1 |
29.9% |
- Income from operations in the full year 2021 was
RMB1,198.9 million (US$188.1 million ), a 4.7% decrease from the full year 2020, due to budgeted continuing strategic investments on talents and client experiences in 2021 as well as less selling and general and administrative expense incurred in 2020 due to the pandemic. We also recorded provision for credit loss for our lending business in 2021.
(RMB millions, except percentages) |
FY 2020 |
FY 2021 |
YoY Change |
||
Wealth management |
817.5 |
921.5 |
12.7% |
||
Asset management |
459.8 |
485.2 |
5.5% |
||
Other businesses |
(18.8) |
(207.8) |
1,004.8% |
||
Total income from operations |
1,258.5 |
1,198.9 |
(4.7%) |
- Net income attributable to Noah shareholders in the full year 2021 was
RMB1,314.1 million (US$206.2 million ), compared to net loss attributable to Noah shareholders ofRMB745.2 million from the full year 2020, due to the recognition of a one-off settlement expense related to the Camsing settlement in the amount ofRMB1,828.9 million in 2020. - Non-GAAP net income attributable to Noah shareholders in the full year 2021 was
RMB1,372.7 million (US$215.4 million ), a 21.5% increase from the full year 2020.
FOURTH QUARTER AND FULL YEAR 2021 OPERATIONAL UPDATES
Wealth Management Business
We offer investment products and provide value-added services to high net worth investors in
- Total number of registered clients as of
December 31, 2021 was 411,981, a 14.2% increase fromDecember 31, 2020 and a 1.4% increase compared withSeptember 30, 2021 . - Total number of active clients[3] which excluded mutual fund-only clients during the fourth quarter of 2021 was 3,575, a 32.1% decrease from the corresponding period in 2020, affected by volatile market condition. Counting in mutual fund-only clients, the total number of clients who transacted with us during the fourth quarter of 2021 was 17,456, a 10.5% decrease from the corresponding quarter of 2020. Total number of active clients which excluded mutual fund-only clients during the full year 2021 was 12,831, a 5.5% increase from the full year 2020, and total number of active clients counting in mutual fund-only clients during the full year 2021 was 42,764, a 25.0% increase from the full year 2020.
- Aggregate value of investment products distributed during the fourth quarter of 2021 was
RMB21.0 billion (US$3.3 billion ), a 1.3% decrease from the corresponding period in 2020, mainly due to a volatile market conditions in the quarter.
Product type |
Three months ended |
||||||
2020 |
2021 |
||||||
(RMB in billions, except percentages) |
|||||||
Mutual fund products |
7.2 |
34.0% |
10.2 |
48.5% |
|||
Private secondary products |
8.0 |
37.4% |
6.7 |
31.6% |
|||
Private equity products |
5.2 |
24.3% |
3.0 |
14.5% |
|||
Other products[4] |
0.9 |
4.3% |
1.1 |
5.4% |
|||
All products |
21.3 |
100.0% |
21.0 |
100.0% |
- Aggregate value of investment products distributed during the full year 2021 was
RMB97.2 billion (US$15.3 billion ), a 2.6% increase from the full year 2020, due to an increase in the distribution of private secondary products.
Product type |
Twelve months ended |
|||
2020 |
2021 |
|||
(RMB in billions, except percentages) |
||||
Mutual fund products |
38.0 |
40.1% |
37.1 |
38.2% |
Private secondary products |
35.2 |
37.1% |
37.8 |
38.9% |
Private equity products |
17.9 |
18.9% |
18.1 |
18.6% |
Other products |
3.6 |
3.9% |
4.2 |
4.3% |
All products |
94.7 |
100.0% |
97.2 |
100.0% |
- Coverage network in mainland China included 84 cities as of
December 31, 2021 , compared with 81 cities as ofSeptember 30, 2021 , and 80 cities as ofDecember 31, 2020 . - Number of relationship managers was 1,316 as of
December 31, 2021 , a 0.5% decrease fromSeptember 30, 2021 , and a 6.9% increase fromDecember 31, 2020 .
[3] "Active clients" for a given period refers to registered high net worth clients who purchase investment products distributed or provided by Noah during that given period, excluding clients who transacted only on our online mutual fund platform. |
[4] "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
December 31, 2021 remained relatively stable in the amount ofRMB156.0 billion (US$24.5 billion ), compared withSeptember 30, 2021 and grew 2.1% fromDecember 31, 2020 .
Investment type |
As of |
Growth |
Allocation/ Redemption |
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
130.4 |
83.5% |
2.3 |
1.8 |
130.9 |
83.9% |
|||||
Public securities[5] |
11.1 |
7.1% |
1.2 |
1.1 |
11.2 |
7.2% |
|||||
Real estate |
7.4 |
4.7% |
0.1 |
0.9 |
6.6 |
4.3% |
|||||
Multi-strategies |
5.8 |
3.8% |
0.2 |
0.1 |
5.9 |
3.8% |
|||||
Others |
1.4 |
0.9% |
- |
- |
1.4 |
0.8% |
|||||
All Investments |
156.1 |
100.0% |
3.8 |
3.9 |
156.0 |
100.0% |
|||||
Investment type |
As of |
Growth |
Allocation/ Redemption |
As of |
|||||||
(RMB billions, except percentages) |
|||||||||||
Private equity |
117.7 |
77.0% |
15.3 |
2.1 |
130.9 |
83.9% |
|||||
Public securities |
9.8 |
6.4% |
5.4 |
4.0 |
11.2 |
7.2% |
|||||
Real estate |
12.7 |
8.3% |
0.3 |
6.4 |
6.6 |
4.3% |
|||||
Multi-strategies |
7.1 |
4.6% |
1.0 |
2.2 |
5.9 |
3.8% |
|||||
Others[6] |
5.5 |
3.7% |
- |
4.1 |
1.4 |
0.8% |
|||||
All Investments |
152.8 |
100.0% |
22.0 |
18.8 |
156.0 |
100.0% |
[5] The allocation/redemption of public securities also includes market appreciation or depreciation. |
[6] Since the first quarter of 2021, we reclassified all remaining mezzanine financing products linked to corporate merger and acquisitions and buy outs from credit to private equity in the amount of |
Other Businesses
Our other businesses segment has been transitioned to "
Ms.
FOURTH QUARTER 2021 FINANCIAL RESULTS
Net Revenues
Net revenues for the fourth quarter of 2021 were
- Wealth Management Business
- Net revenues from one-time commissions for the fourth quarter of 2021 were
RMB472.0 million (US$74.1 million ), a 100.2% increase from the corresponding period in 2020 due to an increase in insurance products distributed in fourth quarter of 2021. - Net revenues from recurring service fees for the fourth quarter of 2021 were
RMB417.0 million (US$65.4 million ), a 40.3% increase from the corresponding period in 2020. The increase was primarily due to accumulated effect of investment products previously distributed. - Net revenues from performance-based income for the fourth quarter of 2021 were
RMB47.7 million (US$7.5 million ), compared withRMB80.9 million from the corresponding period of 2020, primarily due to a decrease in performance-based income from public securities products. - Net revenues from other service fees for the fourth quarter of 2021 were
RMB32.6 million (US$5.1 million ), a 11.2% increase from the corresponding period in 2020.
- Net revenues from one-time commissions for the fourth quarter of 2021 were
- Asset Management Business
- Net revenues from recurring service fees for the fourth quarter of 2021 were
RMB141.1 million (US$22.1 million ), a 1.7% increase from the corresponding period in 2020. The increase was primarily due to an increase in assets under management. - Net revenues from performance-based income for the fourth quarter of 2021 were
RMB125.4 million (US$19.7 million ), remained relatively stable compared with the corresponding period in 2020, primarily generated from offshore private equity funds.
- Net revenues from recurring service fees for the fourth quarter of 2021 were
- Other Businesses
- Net revenues for the fourth quarter of 2021 were
RMB17.0 million (US$2.7 million ), compared withRMB4.0 million in the corresponding period in 2020.
- Net revenues for the fourth quarter of 2021 were
Operating Costs and Expenses
Operating costs and expenses for the fourth quarter of 2021 were
- Operating costs and expenses for the wealth management business for the fourth quarter of 2021 were
RMB785.7 million (US$123.3 million ), a 79.8% increase from the corresponding period in 2020 primarily due to an increase in compensation and benefits, selling expenses and general and administrative expenses. - Operating costs and expenses for the asset management business for the fourth quarter of 2021 were
RMB193.0 million (US$30.3 million ), a 25.2% increase from the corresponding period in 2020, primarily due to an increase in selling expenses and provision for credit losses. - Operating costs and expenses for other businesses for the fourth quarter of 2021 were
RMB149.0 million (US$23.4 million ), a 458.9% increase from the corresponding period in 2020, primarily due to a provision of credit loss ofRMB85.6 million for loan receivables.
Operating Margin
Operating margin for the fourth quarter of 2021 was 10.5%, compared with 35.2% for the corresponding period in 2020.
- Operating margin for the wealth management business for the fourth quarter of 2021 was 18.9%, compared with 32.1% for the corresponding period in 2020, due to continuously budgeted investments into the acquisition and retaining of talents, as well as the upgrade of client experiences and multiple systems.
- Operating margin for the asset management business for the fourth quarter of 2021 was 29.5%, compared with 49.6% for the corresponding period in 2020 due to continuously budgeted investments in client events activity and talents.
- Loss from other businesses for the fourth quarter of 2021 was
RMB132.1 million (US$20.7 million ), compared withRMB22.7 million in the corresponding period of 2020 due to increased provision for credit losses.
Investment Income
Investment Income for the fourth quarter of 2021 was
Income Tax Expenses
Income tax expenses for the fourth quarter of 2021 were
Income from Equity in Affiliates
Income from equity in affiliates for the fourth quarter of 2021 was
Net Income
- Net Income
- Net income for the fourth quarter of 2021 was
RMB273.9 million (US$43.0 million ), compared to net loss ofRMB1,572.9 million from the corresponding period in 2020. - Net margin for the fourth quarter of 2021 was 21.7%, compared with negative net margin for the corresponding period in 2020.
- Net income attributable to Noah shareholders for the fourth quarter of 2021 was
RMB281.3 million (US$44.1 million ), compared to net loss attributable to Noah shareholders ofRMB1,573.5 million from the corresponding period in 2020. - Net margin attributable to Noah shareholders for the fourth quarter of 2021 was 22.3%, compared with negative for the corresponding period in 2020.
- Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2021 was
RMB4.18 (US$0.66 ) andRMB4.16 (US$0.65 ), respectively, compared with net loss attributable to Noah shareholders per basic and diluted ADS ofRMB24.92 , for the corresponding period in 2020.
- Net income for the fourth quarter of 2021 was
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2021 was
RMB289.6 million (US$45.4 million ), a 10.3% increase from the corresponding period in 2020. - Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2021 was 23.0%, down from 27.5% for the corresponding period in 2020.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2021 was
RMB4.28 (US$0.67 ), up fromRMB4.13 for the corresponding period in 2020.
- Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2021 was
FULL YEAR 2021 FINANCIAL RESULTS
Net Revenues
Net revenues for the full year 2021 were
- Wealth Management Business
- Net revenues from one-time commissions for 2021 were
RMB1,174.6 million (US$184.3 million ), a 54.1% increase from 2020, primarily due to more insurance products that we distributed. - Net revenues from recurring service fees for 2021 were
RMB1,461.8 million (US$229.4 million ), a 14.4% increase from 2020. The increase was primarily due to the cumulative effect of investment products with recurring service fees previously distributed. - Net revenues from performance-based income for 2021 were
RMB466.6 million (US$73.2 million ), a 128.5% increase from 2020, primarily due to an increase in performance-based income from public securities products. - Net revenues from other service fees for 2021 were
RMB91.9 million (US$14.4 million ), a 25.2% decrease from 2020, primarily due to less service fees recorded from lending business since we significantly reduced this business since the second half year of 2019.
- Net revenues from one-time commissions for 2021 were
- Asset Management Business
- Net revenues from recurring service fees for 2021 were
RMB636.4 million (US$99.9 million ), a 0.9% decrease from 2020. - Net revenues from performance-based income for 2021 were
RMB313.6 million (US$49.2 million ), a 71.1% increase from 2020, primarily due to an increase in performance-based income from private equity fund products.
- Net revenues from recurring service fees for 2021 were
- Other Businesses
- Net revenues for 2021 were
RMB56.7 million (US$8.9 million ), a 11.4% decrease from 2020.
- Net revenues for 2021 were
Operating costs and expenses
Operating costs and expenses for 2021 were
- Operating costs and expenses for the wealth management business for 2021 were
RMB2,273.4 million (US$356.7 million ), a 46.8% increase from 2020, primarily due to an increase in compensation and benefits, as well as selling expenses. - Operating costs and expenses for the asset management business for 2021 were
RMB556.2 million (US$87.3 million ), a 33.8% increase from 2020, primarily due to an increase in compensation and benefits, as well as selling expenses. - Operating costs and expenses for other businesses for 2021 were
RMB264.6 million (US$41.5 million ), a 219.5% increase from 2020, primarily due to an increase in provision for credit losses.
Operating Margin
Operating margin for the full year 2021 was 27.9%, compared to 38.1% for the full year 2020.
- Operating margin for the wealth management business for 2021 was 28.8%, compared to 34.5% for 2020, mainly due to continuously budgeted investments in our talents and client experiences as well as less expenses incurred in 2020 due to the COVID-19 pandemic.
- Operating margin for the asset management business for 2021 was 46.6%, compared to 52.5% for 2020, due to less expenses incurred in 2020 due to the COVID-19 pandemic.
- Loss from other businesses for 2021 was
RMB207.8 million (US$32.6 million ), compared withRMB18.8 million for 2020 due to increased provision of credit losses.
Investment Income
Investment income for the full year 2021 was
Income Tax Expenses
Income tax expenses for the full year 2021 were
Income from Equity in Affiliates
Income from equity in affiliates for the full year 2021 was
Net Income
- Net Income
- Net income for the full year 2021 was
RMB1,306.1 million (US$205.0 million ), compared with net loss ofRMB743.5 million from the full year 2020. - Net margin for the full year 2021 was 30.4%, compared with negative net margin for the full year 2020.
- Net income attributable to Noah shareholders for the full year 2021 was
RMB1,314.1 million (US$206.2 million ), compared to net loss attributable to Noah shareholders ofRMB745.2 million for the full year 2020. - Net margin attributable to Noah shareholders for the full year 2021 was 30.6%, compared with negative for the full year 2020.
- Net income attributable to Noah shareholders per basic and diluted ADS for the full year 2021 was
RMB19.56 (US$3.07 ) andRMB19.45 (US$3.05 ), respectively, compared with net loss attributable to Noah shareholders per basic and diluted ADS ofRMB12.01 , for the full year 2020.
- Net income for the full year 2021 was
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the full year 2021 was
RMB1,372.7 million (US$215.4 million ), a 21.5% increase from the full year 2020. - Non-GAAP net margin attributable to Noah shareholders for the full year 2021 was 32.0%, down from 34.2% for the full year 2020.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the full year 2021 was
RMB20.32 (US$3.19 ), up fromRMB18.12 for the full year 2020.
- Non-GAAP net income attributable to Noah shareholders for the full year 2021 was
BALANCE SHEET AND CASH FLOW
As of
Net cash inflow from the Company's operating activities during the fourth quarter of 2021 was
Net cash outflow from the Company's investing activities during the fourth quarter of 2021 was
Net cash inflow 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 2021 financial results in this press release, we will include any such fair value adjustments in the audited consolidated financial statements in our 2021 Form 20-F and will make a subsequent announcement when our review concludes, as appropriate.
2022 FORECAST
Although the pandemic continued to impact the distribution of offshore insurance products and the market remain volatile, the Company is happy to see a growing demand in domestic insurance products, a higher performance based income from PE/VC products we previously distributed, a stabilized AUM after a successful standardization transformation, as well as an increase in diamond and black card clients. Therefore, we are reasonably optimistic about the growth in the number of core clients, net revenues as well as take rate in 2022. Meanwhile, we remain committed to our investments in technology, investment research capabilities and talents to realize growth potentials and capture market opportunities. Given the above considerations, the non-GAAP net income attributable to Noah shareholders for the full year 2021 will be in the range of
CONFERENCE CALL
Senior management will host a combined English and Chinese language conference call to discuss the Company's fourth quarter and full year 2021 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 |
800-963-976 |
- International |
+1-412-317-6061 |
Conference Title: |
Noah Holdings 4Q21 Earnings Conference Call |
Participant Password: |
6337898 |
A telephone replay will be available starting approximately 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 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 investment products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,316 relationship managers across 84 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 2021 and full year 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: +86-21-8035-9221
ir@noahgroup.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
|
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(unaudited) |
|||||||
As of |
|||||||
|
|
|
|||||
2021 |
2021 |
2021 |
|||||
RMB'000 |
RMB'000 |
USD'000 |
|||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
2,829,481 |
3,404,603 |
534,257 |
||||
Restricted cash |
3,227 |
510 |
80 |
||||
Short-term investments |
108,313 |
92,803 |
14,563 |
||||
Accounts receivable, net |
504,113 |
808,029 |
126,797 |
||||
Loans receivable, net |
634,774 |
595,766 |
93,489 |
||||
Amounts due from related parties |
594,047 |
451,389 |
70,833 |
||||
Other current assets |
209,933 |
163,710 |
25,690 |
||||
Total current assets |
4,883,888 |
5,516,810 |
865,709 |
||||
Long-term investments, net |
665,237 |
668,572 |
104,914 |
||||
Investment in affiliates |
1,296,559 |
1,402,083 |
220,017 |
||||
Property and equipment, net |
2,619,768 |
2,580,935 |
405,005 |
||||
Operating lease right-of-use assets, net |
242,660 |
223,652 |
35,096 |
||||
Deferred tax assets |
223,803 |
335,905 |
52,711 |
||||
Other non-current assets |
171,114 |
161,832 |
25,395 |
||||
Total Assets |
10,103,029 |
10,889,789 |
1,708,847 |
||||
Liabilities and Equity |
|||||||
Current liabilities: |
|||||||
Accrued payroll and welfare expenses |
514,420 |
946,547 |
148,534 |
||||
Income tax payable |
105,132 |
190,260 |
29,856 |
||||
Deferred revenues |
103,807 |
63,631 |
9,985 |
||||
Contingent liabilities |
444,935 |
433,345 |
68,001 |
||||
Other current liabilities |
529,049 |
649,255 |
101,882 |
||||
Total current liabilities |
1,697,343 |
2,283,038 |
358,258 |
||||
Operating lease liabilities, non-current |
155,882 |
130,956 |
20,550 |
||||
Deferred tax liabilities |
239,536 |
234,134 |
36,741 |
||||
Other non-current liabilities |
113,670 |
100,020 |
15,695 |
||||
Total Liabilities |
2,206,431 |
2,748,148 |
431,244 |
||||
Equity |
7,896,598 |
8,141,641 |
1,277,603 |
||||
Total Liabilities and Equity |
10,103,029 |
10,889,789 |
1,708,847 |
|
||||||||
Condensed Consolidated Income Statements |
||||||||
(unaudited) |
||||||||
Three months ended |
||||||||
|
|
|
Change |
|||||
2020 |
2021 |
2021 |
||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
|||||
Revenues from others: |
||||||||
One-time commissions |
229,744 |
472,566 |
74,156 |
105.7% |
||||
Recurring service fees |
199,372 |
214,835 |
33,712 |
7.8% |
||||
Performance-based income |
81,488 |
42,115 |
6,609 |
(48.3%) |
||||
Other service fees |
39,361 |
54,296 |
8,520 |
37.9% |
||||
Total revenues from others |
549,965 |
783,812 |
122,997 |
42.5% |
||||
Revenues from funds Gopher manages: |
||||||||
One-time commissions |
43,531 |
9,886 |
1,551 |
(77.3%) |
||||
Recurring service fees |
239,144 |
346,747 |
54,412 |
45.0% |
||||
Performance-based income |
126,382 |
131,988 |
20,712 |
4.4% |
||||
Total revenues from funds |
409,057 |
488,621 |
||||||
76,675 |
19.5% |
|||||||
Total revenues |
959,022 |
1,272,433 |
199,672 |
32.7% |
||||
Less: VAT related surcharges |
(5,805) |
(12,379) |
(1,943) |
113.2% |
||||
Net revenues |
953,217 |
1,260,054 |
197,729 |
32.2% |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship manager |
||||||||
(185,926) |
(382,160) |
(59,969) |
105.5% |
|||||
Others |
(259,872) |
(349,004) |
(54,766) |
34.3% |
||||
Total compensation and |
||||||||
(445,798) |
(731,164) |
(114,735) |
64.0% |
|||||
Selling expenses |
(94,648) |
(139,906) |
(21,954) |
47.8% |
||||
General and administrative |
||||||||
(84,036) |
(148,015) |
(23,227) |
76.1% |
|||||
Reversal (Provision) for credit |
||||||||
1,789 |
(100,858) |
(15,827) |
N.A. |
|||||
Other operating expenses |
(22,579) |
(19,644) |
(3,083) |
(13.0%) |
||||
Government grants |
27,518 |
11,821 |
1,855 |
(57.0%) |
||||
Total operating costs and |
||||||||
(617,754) |
(1,127,766) |
(176,971) |
82.6% |
|||||
Income from operations |
335,463 |
132,288 |
20,758 |
(60.6%) |
||||
Other income (expense): |
||||||||
Interest income |
22,537 |
14,571 |
2,287 |
(35.3%) |
||||
Investment (loss) income |
(109,397) |
3,469 |
544 |
N.A. |
||||
Settlement (expense) reversal |
(1,828,907) |
719 |
113 |
N.A. |
||||
Other expense |
(5,033) |
(2,313) |
(363) |
(54.0%) |
||||
Total other (expense) income |
(1,920,800) |
16,446 |
2,581 |
N.A. |
||||
(Loss) income before taxes and |
(1,585,337) |
N.A. |
||||||
148,734 |
23,339 |
|||||||
Income tax expense |
(27,430) |
(35,329) |
(5,544) |
28.8% |
||||
Income from equity in affiliates |
39,836 |
160,510 |
25,188 |
302.9% |
||||
Net (loss) income |
(1,572,931) |
273,915 |
42,983 |
N.A. |
||||
Less: net income (loss) |
||||||||
576 |
(7,397) |
(1,161) |
N.A. |
|||||
Net (loss) income attributable |
(1,573,507) |
N.A. |
||||||
281,312 |
44,144 |
|||||||
(Loss) income per ADS, basic |
(24.92) |
4.18 |
0.66 |
N.A. |
||||
(Loss) Income per ADS, diluted |
(24.92) |
4.16 |
0.65 |
N.A. |
||||
Margin analysis: |
||||||||
Operating margin |
35.2% |
10.5% |
10.5% |
|||||
Net margin |
(165.0%) |
21.7% |
21.7% |
|||||
Weighted average ADS |
||||||||
Basic |
63,149,844 |
67,348,790 |
67,348,790 |
|||||
Diluted |
63,149,844 |
67,700,437 |
67,700,437 |
|||||
ADS equivalent outstanding at |
||||||||
61,088,680 |
60,338,054 |
60,338,054 |
||||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs. |
|
||||||||
Condensed Consolidated Income Statements |
||||||||
(unaudited) |
||||||||
Twelve months ended |
||||||||
|
|
|
Change |
|||||
2020 |
2021 |
2021 |
||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
|||||
Revenues from others: |
||||||||
One-time commissions |
679,014 |
1,130,894 |
177,462 |
66.5% |
||||
Recurring service fees |
700,157 |
913,700 |
143,379 |
30.5% |
||||
Performance-based income |
180,529 |
391,903 |
61,498 |
117.1% |
||||
Other service fees |
196,151 |
161,982 |
25,419 |
(17.4%) |
||||
Total revenues from others |
1,755,851 |
2,598,479 |
407,758 |
48.0% |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
129,823 |
140,522 |
22,051 |
8.2% |
||||
Recurring service fees |
1,230,042 |
1,195,309 |
187,570 |
(2.8%) |
||||
Performance-based income |
208,996 |
392,290 |
61,559 |
87.7% |
||||
Total revenues from funds |
1,568,861 |
|||||||
1,728,121 |
271,180 |
10.2% |
||||||
Total revenues |
3,324,712 |
4,326,600 |
678,938 |
30.1% |
||||
Less: VAT related surcharges |
(18,886) |
(33,506) |
(5,258) |
77.4% |
||||
Net revenues |
3,305,826 |
4,293,094 |
673,680 |
29.9% |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship manager |
||||||||
(613,999) |
(920,896) |
(144,509) |
50.0% |
|||||
Others |
(890,013) |
(1,247,984) |
(195,836) |
40.2% |
||||
Total compensation and |
||||||||
(1,504,012) |
(2,168,880) |
(340,345) |
44.2% |
|||||
Selling expenses |
(271,692) |
(437,131) |
(68,595) |
60.9% |
||||
General and administrative |
||||||||
(277,879) |
(383,321) |
(60,151) |
37.9% |
|||||
Provision for credit losses |
(8,083) |
(112,959) |
(17,726) |
1,297.5% |
||||
Other operating expenses |
(99,040) |
(107,844) |
(16,923) |
8.9% |
||||
Government grants |
113,356 |
115,939 |
18,193 |
2.3% |
||||
Total operating costs and |
||||||||
(2,047,350) |
(3,094,196) |
(485,547) |
51.1% |
|||||
Income from operations |
1,258,476 |
1,198,898 |
188,133 |
(4.7%) |
||||
Other income (expense): |
||||||||
Interest income |
67,317 |
71,866 |
11,277 |
6.8% |
||||
Investment (loss) income |
(86,369) |
65,426 |
10,267 |
N.A. |
||||
Settlement expenses |
(1,828,907) |
(19,908) |
(3,124) |
(98.9%) |
||||
Other income (expense) |
4,164 |
(18,240) |
(2,862) |
N.A. |
||||
Total other (expense) income |
(1,843,795) |
99,144 |
15,558 |
N.A. |
||||
(Loss) Income before taxes and |
(585,319) |
N.A. |
||||||
1,298,042 |
203,691 |
|||||||
Income tax expense |
(258,460) |
(293,940) |
(46,126) |
13.7% |
||||
Income from equity in affiliates |
100,257 |
301,979 |
47,387 |
201.2% |
||||
Net (loss) income |
(743,522) |
1,306,081 |
204,952 |
N.A. |
||||
Less: net income (loss) |
||||||||
1,703 |
(8,050) |
(1,263) |
N.A. |
|||||
Net (loss) income attributable |
(745,225) |
N.A. |
||||||
1,314,131 |
206,215 |
|||||||
(Loss) income per ADS, basic |
(12.01) |
19.56 |
3.07 |
N.A. |
||||
(Loss) income per ADS, diluted |
(12.01) |
19.45 |
3.05 |
N.A. |
||||
Margin analysis: |
||||||||
Operating margin |
38.1% |
27.9% |
27.9% |
|||||
Net margin |
(22.5%) |
30.4% |
30.4% |
|||||
Weighted average ADS equivalent[1]: |
||||||||
Basic |
62,040,878 |
67,171,636 |
67,171,636 |
|||||
Diluted |
62,040,878 |
67,563,546 |
67,563,546 |
|||||
ADS equivalent outstanding at |
||||||||
61,088,680 |
60,338,054 |
60,338,054 |
||||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs. |
|
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Three months ended |
|||||||||
|
|
|
Change |
||||||
2020 |
2021 |
2021 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net (loss) income |
(1,572,931) |
273,915 |
42,983 |
N.A. |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
(98,385) |
(14,094) |
(2,212) |
(85.7%) |
|||||
Fair value fluctuation of available for sale |
- |
(243) |
(38) |
N.A. |
|||||
Comprehensive (loss) income |
(1,671,316) |
259,578 |
40,733 |
N.A. |
|||||
Less: Comprehensive income (loss) |
469 |
(7,366) |
(1,156) |
N.A. |
|||||
Comprehensive (loss) income |
(1,671,785) |
266,944 |
41,889 |
N.A. |
|||||
|
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Twelve months ended |
|||||||||
|
|
|
Change |
||||||
2020 |
2021 |
2021 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net (loss) income |
(743,522) |
1,306,081 |
204,952 |
N.A. |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
(176,910) |
(60,851) |
(9,549) |
(65.6%) |
|||||
Fair value fluctuation of available for sale |
771 |
- |
- |
N.A. |
|||||
Comprehensive (loss) income |
(919,661) |
1,245,230 |
195,403 |
N.A. |
|||||
Less: Comprehensive income (loss) |
1,727 |
(8,001) |
(1,256) |
N.A. |
|||||
Comprehensive (loss) income |
(921,388) |
1,253,231 |
196,659 |
N.A. |
|||||
|
|||||
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
|||||
|
|
Change |
|||
Number of registered clients |
360,637 |
411,981 |
14.2% |
||
Number of relationship managers |
1,231 |
1,316 |
6.9% |
||
Number of cities in mainland China under |
80 |
84 |
5.0% |
||
Three months ended |
|||||
|
|
Change |
|||
(in millions of RMB, except number of active clients and percentages) |
|||||
Number of active clients |
5,268 |
3,575 |
(32.1%) |
||
Number of active clients including mutual |
19,501 |
17,456 |
(10.5%) |
||
Transaction value: |
|||||
Private equity products |
5,172 |
3,041 |
(41.2%) |
||
Private secondary products |
7,977 |
6,659 |
(16.5%) |
||
Mutual fund products |
7,240 |
10,207 |
41.0% |
||
Other products |
930 |
1,136 |
22.2% |
||
Total transaction value |
21,319 |
21,043 |
(1.3%) |
||
Twelve months ended |
|||||
|
|
Change |
|||
(in millions of RMB, except number of active clients and percentages) |
|||||
Number of active clients |
12,161 |
12,831 |
5.5% |
||
Number of active clients including mutual |
34,213 |
42,764 |
25.0% |
||
Transaction value: |
|||||
Private equity products |
17,876 |
18,069 |
1.1% |
||
Private secondary products |
35,162 |
37,776 |
7.4% |
||
Mutual fund products |
37,981 |
37,169 |
(2.1%) |
||
Other products |
3,717 |
4,189 |
12.7% |
||
Total transaction value |
94,736 |
97,203 |
2.6% |
|
|||||||
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 |
472,566 |
- |
- |
472,566 |
|||
Recurring service fees |
214,835 |
- |
- |
214,835 |
|||
Performance-based income |
42,115 |
- |
- |
42,115 |
|||
Other service fees |
32,814 |
- |
21,482 |
54,296 |
|||
Total revenues from others |
762,330 |
- |
21,482 |
783,812 |
|||
Revenues from funds Gopher manages |
|||||||
One-time commissions |
2,488 |
7,398 |
- |
9,886 |
|||
Recurring service fees |
204,919 |
141,828 |
- |
346,747 |
|||
Performance-based income |
5,905 |
126,083 |
- |
131,988 |
|||
Total revenues from funds Gopher |
213,312 |
275,309 |
- |
488,621 |
|||
Total revenues |
975,642 |
275,309 |
21,482 |
1,272,433 |
|||
Less: VAT related surcharges |
(6,358) |
(1,496) |
(4,525) |
(12,379) |
|||
Net revenues |
969,284 |
273,813 |
16,957 |
1,260,054 |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship managers |
(371,788) |
(10,372) |
- |
(382,160) |
|||
Others |
(204,386) |
(127,455) |
(17,163) |
(349,004) |
|||
Total compensation and benefits |
(576,174) |
(137,827) |
(17,163) |
(731,164) |
|||
Selling expenses |
(112,287) |
(19,709) |
(7,910) |
(139,906) |
|||
General and administrative |
(103,142) |
(22,247) |
(22,626) |
(148,015) |
|||
Provision for credit losses |
(2,691) |
(12,574) |
(85,593) |
(100,858) |
|||
Other operating expenses |
(2,507) |
(687) |
(16,450) |
(19,644) |
|||
Government grants |
11,101 |
13 |
707 |
11,821 |
|||
Total operating costs and expenses |
(785,700) |
(193,031) |
(149,035) |
(1,127,766) |
|||
Income (loss) from operations |
183,584 |
80,782 |
(132,078) |
132,288 |
|
||||||||
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 |
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 |
||||||||
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 doubtful credit looses |
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) |
||||||||
Twelve months ended |
||||||||
Wealth |
Asset |
Other |
Total |
|||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
|||||
Revenues: |
||||||||
Revenues from others |
||||||||
One-time commissions |
1,130,653 |
241 |
- |
1,130,894 |
||||
Recurring service fees |
912,506 |
1,194 |
- |
913,700 |
||||
Performance-based income |
391,903 |
- |
- |
391,903 |
||||
Other service fees |
92,352 |
1,390 |
68,240 |
161,982 |
||||
Total revenues from others |
2,527,414 |
2,825 |
68,240 |
2,598,479 |
||||
Revenues from funds Gopher |
||||||||
One-time commissions |
50,247 |
90,275 |
- |
140,522 |
||||
Recurring service fees |
557,094 |
638,215 |
- |
1,195,309 |
||||
Performance-based income |
77,218 |
315,072 |
- |
392,290 |
||||
Total revenues from funds Gopher |
684,559 |
1,043,562 |
- |
1,728,121 |
||||
Total revenues |
3,211,973 |
1,046,387 |
68,240 |
4,326,600 |
||||
Less: VAT related surcharges |
(17,076) |
(4,923) |
(11,507) |
(33,506) |
||||
Net revenues |
3,194,897 |
1,041,464 |
56,733 |
4,293,094 |
||||
Operating costs and expenses: |
||||||||
Compensation and benefits |
||||||||
Relationship managers |
(900,921) |
(19,975) |
- |
(920,896) |
||||
Others |
(753,368) |
(430,059) |
(64,557) |
(1,247,984) |
||||
Total compensation and benefits |
(1,654,289) |
(450,034) |
(64,557) |
(2,168,880) |
||||
Selling expenses |
(354,128) |
(55,790) |
(27,213) |
(437,131) |
||||
General and administrative |
(270,253) |
(70,686) |
(42,382) |
(383,321) |
||||
Provision for credit losses |
(6,490) |
(13,275) |
(93,194) |
(112,959) |
||||
Other operating expenses |
(53,616) |
(4,347) |
(49,881) |
(107,844) |
||||
Government grants |
65,368 |
37,905 |
12,666 |
115,939 |
||||
Total operating costs and expenses |
(2,273,408) |
(556,227) |
(264,561) |
(3,094,196) |
||||
Income (loss) from operations |
921,489 |
485,237 |
(207,828) |
1,198,898 |
||||
|
||||||||
Segment Condensed Income Statements |
||||||||
(unaudited) |
||||||||
Twelve months ended |
||||||||
Wealth |
Asset |
Other |
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 |
||||
|
|||||||
Supplement Revenue Information by Geography |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth Business |
Asset Business |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
849,846 |
205,797 |
21,482 |
1,077,125 |
|||
|
116,154 |
57,337 |
- |
173,491 |
|||
Others |
9,642 |
12,175 |
- |
21,817 |
|||
Total revenues |
975,642 |
275,309 |
21,482 |
1,272,433 |
|
|||||||
Supplement Revenue Information by Geography |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
Wealth Business |
Asset Business |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
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) |
|||||||
Twelve months ended |
|||||||
Wealth Business |
Asset Business |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Mainland China |
2,479,576 |
768,203 |
68,240 |
3,316,019 |
|||
|
629,587 |
240,136 |
- |
869,723 |
|||
Others |
102,810 |
38,048 |
- |
140,858 |
|||
Total revenues |
3,211,973 |
1,046,387 |
68,240 |
4,326,600 |
Twelve months ended |
|||||||
Wealth Business |
Asset Business |
Other |
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 |
|
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(In RMB, except for per ADS data and percentages) |
|||||||
(unaudited) |
|||||||
Three months ended |
|||||||
|
|
Change |
|||||
2020 |
2021 |
||||||
RMB'000 |
RMB'000 |
||||||
Net (loss) income attributable to Noah shareholders |
(1,573,507) |
281,312 |
N.A. |
||||
Adjustment for share-based compensation |
9,041 |
12,435 |
37.5% |
||||
Add: settlement expense (reversal) |
1,828,907 |
(719) |
N.A. |
||||
Less: tax effect of adjustments |
1,985 |
3,421 |
72.3% |
||||
Adjusted net income attributable to Noah shareholders |
262,456 |
289,607 |
10.3% |
||||
Net margin attributable to Noah shareholders |
(165.1%) |
22.3% |
|||||
Non-GAAP net margin attributable to Noah shareholders |
27.5% |
23.0% |
|||||
Net (loss) income attributable to Noah shareholders per |
(24.92) |
4.16 |
N.A. |
||||
Non-GAAP net income attributable to Noah shareholders |
4.13 |
4.28 |
3.6% |
||||
|
|||||||
Reconciliation of GAAP to Non-GAAP Results |
|||||||
(In RMB, except for per ADS data and percentages) |
|||||||
(unaudited) |
|||||||
Twelve months ended |
|||||||
|
|
Change |
|||||
2020 |
2021 |
||||||
RMB'000 |
RMB'000 |
||||||
Net (loss) income attributable to Noah shareholders |
(745,225) |
1,314,131 |
N.A. |
||||
Adjustment for share-based compensation |
59,789 |
51,036 |
(14.6%) |
||||
Add: settlement expense |
1,828,907 |
19,908 |
(98.9%) |
||||
Less: tax effect of adjustments |
13,821 |
12,374 |
(10.5%) |
||||
Adjusted net income attributable to Noah shareholders |
1,129,650 |
1,372,701 |
21.5%
|
||||
Net margin attributable to Noah shareholders |
(22.5%) |
30.6% |
|||||
Non-GAAP net margin attributable to Noah shareholders |
34.2% |
32.0% |
|||||
Net (loss) income attributable to Noah shareholders per |
(12.01) |
19.45 |
N.A. |
||||
Non-GAAP net income attributable to Noah shareholders |
18.12 |
20.32 |
12.2% |
||||
View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-preliminary-financial-results-for-the-fourth-quarter-and-full-year-2021-301501822.html
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