Le Lézard
Classified in: Business, Covid-19 virus
Subjects: ERN, ERP

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2022


SHANGHAI, Aug. 22, 2022 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today announced its unaudited financial results for the second quarter of 2022.

SECOND QUARTER 2022 FINANCIAL HIGHLIGHTS

(RMB millions,

except percentages)

Q2 2021



Q2 2022



YoY Change

Wealth management

625.6



508.6



(18.7 %)

Asset management

256.3



210.3



(17.9 %)

Other businesses

17.5



19.2



9.5 %

Total net revenues

899.4



738.1



(17.9 %)

(RMB millions,

except percentages)

Q2 2021



Q2 2022



YoY Change

Wealth management

176.7



193.8



9.7 %

Asset management

172.8



142.6



(17.5 %)

Other businesses

(14.1)



(13.3)



(6.3 %)

Total income from operations

335.4



323.1



(3.6 %)

[1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, share-based settlement expenses and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

SECOND QUARTER 2022 OPERATIONAL UPDATES

Wealth Management Business

We offer investment products and provide value-added services to high net worth investors in China and overseas for our wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB and other currencies.


Three months ended June 30,


2021


2022

Product type

(RMB in billions, except percentages)

Mutual fund products

9.4


37.5 %


12.2


63.1 %

Private secondary products

7.7


30.8 %


2.4


12.4 %

Private equity products

6.5


25.9 %


3.9


20.3 %

Other products[3]

1.4


5.8 %


0.8


4.2 %

All products

25.0


100.0 %


19.3


100.0 %

[2] "Active clients" for a given period refers to registered high net worth investors who purchase investment products distributed or provided by Noah during that given period, excluding clients who transacted only on our online mutual fund platforms.

[3] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others.

Asset Management Business

Our asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management"), a leading multi-asset manager in China with overseas offices in Hong Kong and the United States. Gopher Asset Management develops and manages assets ranging from private equity, real estate, public securities to multi-strategy investments denominated in RMB and other currencies.

Investment type

As of 
March 31, 
2022



Growth



Distribution/ 
Redemption


As of
June 30, 
2022


(RMB billions, except percentages)

Private equity

132.7


85.0 %


3.8


4.5


132.0


84.9 %

Public securities[4]

10.4


6.6 %


0.6


0.3


10.7


6.9 %

Real estate

6.2


4.1 %


0.1


0.1


6.2


4.1 %

Multi-strategies

5.4


3.4 %


-


0.3


5.1


3.2 %

Others

1.4


0.9 %


-


-


1.4


0.9 %

All Investments

156.1


100.0 %


4.5


5.2


155.4


100.0 %

[4] The asset distribution/redemption of public securities also includes market appreciation or depreciation.

Other Businesses

Our other businesses segment mainly provides more comprehensive services and investment products to our clients.

Ms. Jingbo Wang, co-founder and CEO of Noah, said, "I am glad that Noah Holdings' secondary listing in Hong Kong has been successfully completed, partially mitigating the ADR delisting risk. The Board has approved a motion to pursue the voluntary conversion to dual-primary listing in Hong Kong, and we hope to deliver good news on the matter in the coming quarters. The Board also approved and adopted a new dividend policy in August 2022, to share a part of our non-GAAP net income attributable to Noah shareholders every year with the shareholders, which is a commitment we will try our best to fulfill. In the second quarter of 2022, our non-GAAP net income grew 13.3% quarter-on-quarter and 5.4% year-on-year, and the transaction value of private equity and mutual funds grew 23.2% and 71.4% quarter-on-quarter respectively, representing an expected recovery from the last quarter, while we continued to see volatilities in the market pressuring the distribution of private secondary products. I am happy to see the number of our core clients, diamond and black card, continued to grow at 6.1% and 20.5% year-on-year respectively amid complicated market environment. We expect to see continued challenges from China's prolonged COVID-19 control measures and the slower growth of economy, and reiterate the importance of our recommended asset allocation strategy "Protection over Growth", and further suggest our clients to rebalance their global assets to achieve a domestic and international 'dual circulation' model." 

SECOND QUARTER 2022 FINANCIAL RESULTS

Net Revenues

Net revenues for the second quarter of 2022 were RMB738.1 million (US$110.2 million), a 17.9% decrease from the corresponding period in 2021, primarily driven by decreased one-time commissions and performance based income, partially offset by increased other service fees.

- Wealth Management Business

- Asset Management Business

- Other Businesses

Operating Costs and Expenses

Operating costs and expenses for the second quarter of 2022 were RMB415.0 million (US$62.0 million), a 26.4% decrease from the corresponding period in 2021. Operating costs and expenses primarily consisted of compensation and benefits of RMB357.8 million (US$53.4 million), selling expenses of RMB70.3 million (US$10.5 million), general and administrative expenses of RMB35.6 million (US$5.3 million), reversal of credit losses of RMB5.8 million (US$0.9 million) and other operating expenses of RMB22.7 million (US$3.4 million).

Operating Margin

Operating margin for the second quarter of 2022 was 43.8%, increased from 37.3% for the corresponding period in 2021.

Investment Income

Investment income for the second quarter of 2022 was RMB5.2 million (US$0.8 million), compared with RMB3.5 million for the corresponding period in 2021.

Income Tax Expenses

Income tax expenses for the second quarter of 2022 were RMB78.2 million (US$11.7 million), a 13.7% increase year-on-year, primarily due to more taxable income compared with the second quarter of 2021. 

Income from Equity in Affiliates

Income from equity in affiliates for the second quarter of 2022 was RMB69.2 million (US$10.3 million), a 29.5% increase from the corresponding period in 2021, primarily due to the increase in net income of the funds of funds that we manage and invest in as the general partner or fund manager.

Net Income

- Net Income

- Non-GAAP Net Income Attributable to Noah Shareholders

Balance Sheet and Cash Flow

As of June 30, 2022, the Company had RMB3,608.0 million (US$538.7 million) in cash and cash equivalents, compared with RMB3,899.9 million as of March 31, 2022 and RMB2,686.4 million as of June 30, 2021.

Net cash outflow from the Company's operating activities during the second quarter of 2022 was RMB289.7 million (US$43.3 million), primarily due to payment of employee annual bonuses and annual tax filing.

Net cash outflow from the Company's investing activities during the second quarter of 2022 was RMB17.1 million (US$2.5 million), primarily due to several investments made.

Net cash inflow from the Company's financing activities was RMB0.5 million (US$0.1 million) in the second quarter of 2022, primarily related to the proceeds from issuance of ordinary shares upon exercise of stock options.

2022 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2022 will be in the range of RMB1.45 billion to RMB1.55 billion. This estimate reflects management's current business outlook and is subject to change.

CONFERENCE CALL

Senior management will host a combined English and Chinese language conference call to discuss the Company's second quarter 2022 unaudited financial results and recent business activities.

The conference call may be accessed with the following details:

Conference call details

Date/Time:

 

Monday, August 22, 2022 at 8:00 p.m., U.S. Eastern Time

Tuesday, August 23, 2022 at 8:00 a.m., Hong Kong Time

Dial in details:


- United States Toll Free

+1-888-317-6003

- Mainland China Toll Free

4001-206-115

- Hong Kong Toll Free

800-963-976

- International

+1-412-317-6061

Conference Title:

Noah Holdings 2Q22 Earnings Conference Call

Participant Password:

6885355

A telephone replay will be available starting one hour after the end of the conference call until August 29, 2022 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 9147064.

A live and archived webcast of the conference call will be available at Noah's investor relations website under the Announcements & Events section at https://ir.noahgroup.com/financial-information/quarterly-results.

DISCUSSION OF NON-GAAP MEASURES        

In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation, share-based settlement expenses and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.

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 U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.  

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH and HKEX:6686) is a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors. Noah is a Cayman Islands holding company and carries on business in Hong Kong as Noah Holdings Private Wealth and Asset Management Limited. In the first half of 2022, Noah distributed RMB34.3 billion (US$5.4 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB155.4 billion (US$23.2 billion) as of June 30, 2022.

Noah's wealth management business primarily distributes private equity, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah's network covers 79 cities in mainland China, as well as offices in Hong Kong, Taiwan, New York, Silicon Valley and Singapore. A total of 1,255 relationship managers provide customized financial solutions for clients through this network, and meet their international investment needs. The Company's wealth management business had 418,675 registered clients as of June 30, 2022. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also provides other businesses.

For more information, please visit Noah at ir.noahgroup.com.

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the second quarter of 2022 ended June 30, 2022 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.6981 to US$1.00, the effective noon buying rate for June 30, 2022 as set forth in the H.10 statistical release of the Federal Reserve Board.

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the outlook for 2022 and quotations from management in this announcement, as well as Noah's strategic and operational plans, contain forward-looking statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F and other filings with the SEC and the prospectus registered in Hong Kong. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --

Noah Holdings Limited 

Condensed Consolidated Balance Sheets

(unaudited)


As of


March 31,


June 30, 


June 30, 


2022


2022


2022


RMB'000


RMB'000


USD'000

Assets







Current assets:








Cash and cash equivalents

3,899,892


3,608,044


538,667



Restricted cash

512


2,689


401



Short-term investments

64,347


85,889


12,823



Accounts receivable, net

396,485


515,361


76,941



Loans receivable, net

578,355


607,586


90,710



Amounts due from related parties

532,533


562,755


84,017



Other current assets 

170,813


210,623


31,445



Total current assets 

5,642,937


5,592,947


835,004


Long-term investments, net

699,174


711,839


106,275


Investment in affiliates

1,430,346


1,510,503


225,512


Property and equipment, net

2,544,521


2,506,121


374,154


Operating lease right-of-use assets, net

212,993


197,934


29,551


Deferred tax assets

335,911


335,845


50,140


Other non-current assets 

162,206


159,859


23,866

Total Assets

11,028,088


11,015,048


1,644,502

Liabilities and Equity







Current liabilities:








Accrued payroll and welfare expenses 

880,353


618,933


92,404



Income tax payable

236,915


51,317


7,661



Deferred revenues

79,970


64,242


9,591



Other current liabilities

518,214


531,344


79,328



Contingent liabilities

431,080


455,479


68,001


Total current liabilities

2,146,532


1,721,315


256,985


Operating lease liabilities, non-current

120,790


95,995


14,332


Deferred tax liabilities

232,848


232,332


34,686


Other non-current liabilities

83,931


87,243


13,025


Total Liabilities 

2,584,101


2,136,885


319,028


Equity

8,443,987


8,878,163


1,325,474

Total Liabilities and Equity

11,028,088


11,015,048


1,644,502

 

 

Noah Holdings Limited

Condensed Consolidated Income Statements

(In RMB'000, except for ADS data, per ADS data and percentages)

(unaudited)


Three months ended 


June 30,


June 30,


June 30,


Change


2021


2022


2022



Revenues:

RMB'000


RMB'000


USD'000



Revenues from others:








One-time commissions

195,891


177,339


26,476


(9.5 %)

Recurring service fees

218,988


184,300


27,515


(15.8 %)

Performance-based income

46,468


9,481


1,415


(79.6 %)

Other service fees

32,283


52,521


7,841


62.7 %

Total revenues from others

493,630


423,641


63,247


(14.2 %)

Revenues from funds Gopher manages:








One-time commissions

52,377


30,893


4,612


(41.0 %)

Recurring service fees

282,333


277,359


41,409


(1.8 %)

Performance-based income

76,101


16,533


2,468


(78.3 %)

Total revenues from funds Gopher
     manages

410,811


 

324,785


 

48,489


 

(20.9 %)

Total revenues

904,441


748,426


111,736


(17.2 %)

Less: VAT related surcharges 

(5,052)


(10,284)


(1,535)


103.6 %

Net revenues

899,389


738,142


110,201


(17.9 %)

Operating costs and expenses:








Compensation and benefits








Relationship managers

(153,275)


(131,519)


(19,635)


(14.2 %)

Others

(242,507)


(226,286)


(33,784)


(6.7 %)

Total compensation and benefits

(395,782)


(357,805)


(53,419)


(9.6 %)

Selling expenses

(99,463)


(70,307)


(10,497)


(29.3 %)

General and administrative expenses

(77,892)


(35,649)


(5,322)


(54.2 %)

(Provision)/reversal for credit losses

(2,112)


5,788


864


N.A.

Other operating expenses 

(28,082)


(22,677)


(3,386)


(19.2 %)

Government subsidies 

39,300


65,653


9,802


67.1 %

Total operating costs and expenses 

(564,031)


(414,997)


(61,958)


(26.4 %)

Income from operations 

335,358


323,145


48,243


(3.6 %)

Other income:








Interest income 

18,212


17,681


2,640


(2.9 %)

Investment income 

3,487


5,174


772


48.4 %

Settlement expenses

(19,190)


-


-


N.A.

Other (expenses) income

(14,617)


11,849


1,769


N.A.

Total other (expenses) income

(12,108)


34,704


5,181


N.A.

Income before taxes and income from
     equity in affiliates

323,250


357,849


53,424


10.7 %

Income tax expense

(68,720)


(78,164)


(11,670)


13.7 %

Income from equity in affiliates

53,420


69,203


10,332


29.5 %

Net income

307,950


348,888


52,086


13.3 %

Less: net income (loss) attributable to
     non-controlling interests

 

2,424


 

(117)


 

(17)


 

N.A.

Net income attributable to Noah
     shareholders 

305,526


349,005


52,103


14.2 %









Income per ADS, basic

4.56


5.19


0.77


13.8 %

Income per ADS, diluted

4.53


5.18


0.77


14.3 %

 

Margin analysis:








Operating margin

37.3 %


43.8 %


43.8 %



Net margin

34.2 %


47.3 %


47.3 %



Weighted average ADS equivalent[1]:








Basic

66,993,114


67,245,724


67,245,724



Diluted

67,449,200


67,310,698


67,310,698



ADS equivalent outstanding at end of
     period

60,080,070


60,222,116


60,222,116




[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents
two ADSs.

 

 

Noah Holdings Limited

Condensed Consolidated Income Statements

(In RMB'000, except for USD data, per ADS data and percentages)

(unaudited)


Six months ended 


June 30,


June 30,


June 30,


Change


2021


2022


2022



Revenues:

RMB'000


RMB'000


USD'000



Revenues from others:








One-time commissions

474,595


258,493


38,592


(45.5 %)

Recurring service fees

439,501


377,679


56,386


(14.1 %)

Performance-based income

322,992


152,392


22,752


(52.8 %)

Other service fees

55,996


91,281


13,628


63.0 %

Total revenues from others

1,293,084


879,845


131,358


(32.0 %)

Revenues from funds Gopher
     manages:








One-time commissions

98,523


52,048


7,771


(47.2 %)

Recurring service fees

539,030


570,411


85,160


5.8 %

Performance-based income

204,657


48,600


7,256


(76.3 %)

Total revenues from funds
     Gopher manages

842,210


 

671,059


 

100,187


 

(20.3 %)

Total revenues

2,135,294


1,550,904


231,545


(27.4 %)

Less: VAT related surcharges 

(11,169)


(17,070)


(2,548)


52.8 %

Net revenues

2,124,125


1,533,834


228,997


(27.8 %)

Operating costs and expenses:








Compensation and benefits








Relationship managers

(360,147)


(241,514)


(36,057)


(32.9 %)

Others

(617,760)


(474,196)


(70,796)


(23.2 %)

Total compensation and
      benefits

 

(977,907)


 

(715,710)


 

(106,853)


 

(26.8 %)

Selling expenses

(182,918)


(130,213)


(19,440)


(28.8 %)

General and administrative
     expenses 

 

(158,177)


 

(93,856)


 

(14,012)


 

(40.7 %)

(Provision)/reversal for credit
     losses

 

(5,519)


 

14,986


 

2,237


 

N.A.

Other operating expenses 

(55,170)


(52,312)


(7,810)


(5.2 %)

Government subsidies 

93,314


80,211


11,975


(14.0 %)

Total operating costs and
     expenses 

 

(1,286,377)


 

(896,894)


 

(133,903)


 

(30.3 %)

Income from operations 

837,748


636,940


95,094


(24.0 %)

Other income:








Interest income 

41,139


30,318


4,526


(26.3 %)

Investment income 

37,848


30,547


4,561


(19.3 %)

Settlement expenses

(19,190)


-


-


N.A.

Other income (expense)

(15,103)


11,571


1,728


N.A.

Total other income

44,694


72,436


10,815


62.1 %

Income before taxes and
     income from equity in affiliates

882,442


709,376


105,909


(19.6 %)

Income tax expense

(198,566)


(155,500)


(23,216)


(21.7 %)

Income from equity in affiliates

76,933


99,223


14,814


29.0 %

Net income

760,809


653,099


97,507


(14.2 %)

Less: net income (loss)
     attributable to non-controlling
     interests

 

 

1,190


 

 

(1,148)


 

 

(171)


 

 

N.A.

Net income attributable to
     Noah shareholders 

759,619


654,247


97,678


(13.9 %)









Income per ADS, basic

11.33


9.73


1.45


(14.1 %)

Income per ADS, diluted

11.25


9.70


1.45


(13.8 %)

 

Margin analysis:








Operating margin

39.4 %


41.5 %


41.5 %



Net margin

35.8 %


42.6 %


42.6 %



Weighted average ADS
     equivalent[1]:








Basic

67,042,174


67,240,800


67,240,800



Diluted

67,497,514


67,428,368


67,428,368



ADS equivalent outstanding at
     end of period

 

60,080,070


 

60,222,116


 

60,222,116




[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents
two ADSs.

 

 

 Noah Holdings Limited 

Condensed Comprehensive Income Statements 

(unaudited)


Three months ended 




June 30,


June 30,


June 30,


Change


2021


2022


2022




RMB'000


RMB'000


USD'000



Net income

307,950


348,888


52,086


13.3 %

Other comprehensive income, net of tax:








Foreign currency translation adjustments

(22,809)


75,557


11,280


N.A.

Fair value fluctuation of available for sale
     Investment (after tax)

 

134


 

-


-


N.A.

Comprehensive income

285,275


424,445


63,366


48.8 %

Less: Comprehensive income/(loss)
     attributable to non-controlling interests

 

2,411


 

(183)


(27)


N.A.

Comprehensive income attributable to
     Noah
shareholders

282,864


424,628


63,393


50.1 %

 

 

Noah Holdings Limited

Condensed Comprehensive Income Statements

(unaudited)


Six months ended 




June 30,


June 30,


June 30,


Change


2021


2022


2022




RMB'000


RMB'000


USD'000



Net income

760,809


653,099


97,507


(14.2 %)

Other comprehensive income, net of tax:








Foreign currency translation adjustments

(14,400)


140,097


20,916


N.A.

Fair value fluctuation of available for sale
     Investment (after tax)

134


-


-


N.A.

Comprehensive income

746,543


793,196


118,423


6.2 %

Less: Comprehensive income attributable
     to non-controlling interests

1,210


(1,065)


 

(159)


N.A.

Comprehensive income attributable to
     Noah
shareholders

745,333


794,261


118,582


6.6 %

 

 

   Noah Holdings Limited

Supplemental Information 

(unaudited) 


As of 




June 30
2021


June 30
2022


Change







Number of registered clients 

397,235


418,675


5.4 %

Number of relationship managers 

1,268


1,255


(1.0 %)

Number of cities in mainland China under coverage 

81


79


(2.5 %)








Three months ended 




June 30,
2021


June 30
2022


Change


(in millions of RMB, except number of active clients and
percentages)

Number of active clients

4,676


2,272


(51.4 %)

Number of active clients including mutual fund clients

20,290


12,866


(36.6 %)

Transaction value: 






Private equity products 

6,472


3,918


(39.5 %)

Private secondary products

7,708


2,394


(68.9 %)

Mutual fund products 

9,375


12,190


30.0 %

Other products

1,446


814


(43.7 %)

Total transaction value

25,001


19,316


(22.7 %)

 

 

Noah Holdings Limited 

Segment Condensed Income Statements 

(unaudited) 



Three months ended June 30, 2022


Wealth 
Management
Business


Asset 
Management
Business


Other 
Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Revenues from others








One-time commissions

177,339


-


-


177,339

Recurring service fees

184,300


-


-


184,300

Performance-based income

9,481


-


-


9,481

Other service fees

27,375


-


25,146


52,521

Total revenues from others

398,495


-


25,146


423,641

Revenues from funds Gopher
     manages








One-time commissions

1,518


29,375


-


30,893

Recurring service fees

107,767


169,592


-


277,359

Performance-based income

3,837


12,696


-


16,533

Total revenues from funds Gopher
     manages

 

113,122


 

211,663


-


 

324,785

Total revenues

511,617


211,663


25,146


748,426

Less: VAT related surcharges 

(2,976)


(1,313)


(5,995)


(10,284)

Net revenues

508,641


210,350


19,151


738,142

Operating costs and expenses:








Compensation and benefits








Relationship managers

(120,258)


(11,261)


-


(131,519)

Others

(153,046)


(63,241)


(9,999)


(226,286)

Total compensation and benefits

(273,304)


(74,502)


(9,999)


(357,805)

Selling expenses

(60,479)


(8,244)


(1,584)


(70,307)

General and administrative
     expenses 

 

(18,821)


 

(12,287)


 

(4,541)


 

(35,649)

Provision for credit losses

141


(441)


6,088


5,788

Other operating expenses

915


(113)


(23,479)


(22,677)

Government subsidies 

36,750


27,822


1,081


65,653

Total operating costs and expenses 

(314,798)


(67,765)


(32,434)


(414,997)

Income (loss) from operations

193,843


142,585


(13,283)


323,145

 

 

Noah Holdings Limited

Segment Condensed Income Statements

 (unaudited)


Three months ended June 30, 2021


Wealth
Management

 Business


Asset
Management

Business


Other
Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Revenues from others








One-time commissions

195,891


-


-


195,891

Recurring service fees

218,988


-


-


218,988

Performance-based income

46,468


-


-


46,468

Other service fees

14,665


-


17,618


32,283

Total revenues from others

476,012


-


17,618


493,630

Revenues from funds Gopher manages








One-time commissions

20,705


31,672


-


52,377

Recurring service fees

123,031


159,302


-


282,333

Performance-based income

9,507


66,594


-


76,101

Total revenues from funds Gopher
     manages

153,243


257,568


-


410,811

Total revenues

629,255


257,568


17,618


904,441

Less: VAT related surcharges

(3,665)


(1,299)


(88)


(5,052)

Net revenues

625,590


256,269


17,530


899,389

Operating costs and expenses:








Compensation and benefits








Relationship managers

(149,874)


(3,401)


-


(153,275)

Others

(154,463)


(74,017)


(14,027)


(242,507)

Total compensation and benefits

(304,337)


(77,418)


(14,027)


(395,782)

Selling expenses

(82,726)


(10,496)


(6,241)


(99,463)

General and administrative
     expenses

 

(54,091)


 

(16,676)


 

(7,125)


 

(77,892)

Provision for credit losses

-


-


(2,112)


(2,112)

Other operating expenses

(12,758)


(1,424)


(13,900)


(28,082)

Government subsidies

4,997


22,579


11,724


39,300

Total operating costs and expenses

(448,915)


(83,435)


(31,681)


(564,031)

Income (loss) from operations

176,675


172,834


(14,151)


335,358

 

 

Noah Holdings Limited

Supplement Revenue Information by Geography

(unaudited)


Three months ended June 30, 2022


Wealth 
Management
Business


Asset 
Management
Business


Other
Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Mainland China

378,862


184,939


25,146


588,947

Hong Kong

111,125


9,117


-


120,242

Others

21,630


17,607


-


39,237

Total revenues

511,617


211,663


25,146


748,426



Three months ended June 30, 2021


Wealth 
Management
Business


Asset 
Management
Business


Other
Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Mainland China

450,226


209,183


17,618


677,027

Hong Kong

143,309


38,942


-


182,251

Others

35,720


9,443


-


45,163

Total revenues

629,255


257,568


17,618


904,441

 

 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results 

(In RMB, except for per ADS data and percentages) 

(unaudited) 


Three months ended 





June 30, 


June 30


Change 



2021


2022





RMB'000


RMB'000











Net income attributable to Noah shareholders

305,526


349,005


14.2 %


Adjustment for share-based compensation

16,034


7,990


(50.2 %)


Add: settlement expense

19,190


-


N.A.


Less: tax effect of adjustments

3,720


1,922


(48.3 %)


Adjusted net income attributable to Noah shareholders
     (non-GAAP)

337,030


355,073


5.4 %


Net margin attributable to Noah shareholders

34.0 %


47.3 %




Non-GAAP net margin attributable to Noah shareholders

37.5 %


48.1 %











Net income attributable to Noah shareholders per ADS,
     diluted

4.53


5.18


14.3 %


Non-GAAP net income attributable to Noah shareholders
     per ADS, diluted

5.00


5.28


5.6 %


 

 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results 

(In RMB, except for per ADS data and percentages) 

(unaudited) 


Six months ended 





June 30, 


June 30


Change 



2021


2022





RMB'000


RMB'000











Net income attributable to Noah shareholders

759,619


654,247


(13.9 %)


Adjustment for share-based compensation

26,178


18,836


(28.0 %)


Add: settlement expense

19,190


-


N.A.


Less: tax effect of adjustments

6,074


4,529


(25.4 %)


Adjusted net income attributable to Noah shareholders
     (non-GAAP)

798,913


668,554


(16.3 %)


Net margin attributable to Noah shareholders

35.8 %


42.7 %




Non-GAAP net margin attributable to Noah shareholders

37.6 %


43.6 %











Net income attributable to Noah shareholders per ADS,
     diluted

11.25


9.70


(13.8 %)


Non-GAAP net income attributable to Noah shareholders
     per ADS, diluted

11.84


9.92


(16.2 %)


 

SOURCE Noah Holdings Limited


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