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  4. NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER 2024 AND AUDITED FINANCIAL RESULTS FOR FULL YEAR 2024

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER 2024 AND AUDITED FINANCIAL RESULTS FOR FULL YEAR 2024

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Noah Holdings (NYSE: NOAH) reported Q4 2024 financial results showing a decline in performance. Net revenues decreased 18.5% year-over-year to RMB651.9 million (US$89.3 million), primarily due to reduced insurance product distribution. Net income attributable to shareholders fell 49.3% to RMB109.8 million (US$15.0 million).

For full year 2024, net revenues declined 21.1% to RMB2,601.0 million (US$356.3 million). The company's overseas business showed resilience, with overseas registered clients increasing 18.3% to 17,654. Total assets under management remained stable at RMB151.5 billion (US$20.8 billion).

The company announced a combined annual and special dividend totaling RMB550 million, equivalent to 100% of full-year 2024 non-GAAP net income attributable to shareholders.

Noah Holdings (NYSE: NOAH) ha riportato i risultati finanziari del quarto trimestre 2024, evidenziando un calo delle performance. I ricavi netti sono diminuiti del 18,5% rispetto all'anno precedente, raggiungendo i 651,9 milioni di RMB (89,3 milioni di USD), principalmente a causa della riduzione nella distribuzione dei prodotti assicurativi. L'utile netto attribuibile agli azionisti è sceso del 49,3% a 109,8 milioni di RMB (15,0 milioni di USD).

Per l'intero anno 2024, i ricavi netti sono diminuiti del 21,1% a 2.601,0 milioni di RMB (356,3 milioni di USD). L'attività all'estero dell'azienda ha mostrato resilienza, con un aumento del 18,3% dei clienti registrati all'estero, arrivando a 17.654. Gli attivi totali sotto gestione sono rimasti stabili a 151,5 miliardi di RMB (20,8 miliardi di USD).

L'azienda ha annunciato un dividendo annuale combinato e speciale totale di 550 milioni di RMB, equivalente al 100% dell'utile netto non-GAAP attribuibile agli azionisti per l'intero anno 2024.

Noah Holdings (NYSE: NOAH) reportó los resultados financieros del cuarto trimestre de 2024, mostrando una disminución en el rendimiento. Los ingresos netos disminuyeron un 18.5% interanual, alcanzando los 651.9 millones de RMB (89.3 millones de USD), principalmente debido a la reducción en la distribución de productos de seguros. El ingreso neto atribuible a los accionistas cayó un 49.3% a 109.8 millones de RMB (15.0 millones de USD).

Para el año completo 2024, los ingresos netos cayeron un 21.1% a 2,601.0 millones de RMB (356.3 millones de USD). El negocio en el extranjero de la compañía mostró resiliencia, con un aumento del 18.3% en los clientes registrados en el extranjero, alcanzando los 17,654. Los activos totales bajo gestión se mantuvieron estables en 151.5 mil millones de RMB (20.8 mil millones de USD).

La compañía anunció un dividendo combinado anual y especial total de 550 millones de RMB, equivalente al 100% del ingreso neto no-GAAP atribuible a los accionistas para el año completo 2024.

Noah Holdings (NYSE: NOAH)는 2024년 4분기 재무 결과를 발표하며 성과 감소를 보여주었습니다. 순수익은 전년 대비 18.5% 감소하여 6억 5,190만 RMB(8,930만 USD)에 달했으며, 이는 주로 보험 상품 배급의 감소 때문입니다. 주주에게 귀속되는 순이익은 49.3% 감소하여 1억 9,800만 RMB(1,500만 USD)가 되었습니다.

2024년 전체 연도에 대해 순수익은 21.1% 감소하여 2,601억 RMB(3억 5,630만 USD)에 달했습니다. 회사의 해외 사업은 회복력을 보였으며, 해외 등록 고객 수는 18.3% 증가하여 17,654명에 달했습니다. 관리 자산 총액은 1,515억 RMB(208억 USD)로 안정세를 유지했습니다.

회사는 주주에게 귀속되는 2024년 전체 비-GAAP 순이익의 100%에 해당하는 5억 5,000만 RMB의 연간 및 특별 배당금을 발표했습니다.

Noah Holdings (NYSE: NOAH) a annoncé les résultats financiers du quatrième trimestre 2024, montrant un déclin de la performance. Les revenus nets ont diminué de 18,5 % d'une année sur l'autre, atteignant 651,9 millions de RMB (89,3 millions de USD), principalement en raison de la réduction de la distribution des produits d'assurance. Le bénéfice net attribuable aux actionnaires a chuté de 49,3 % à 109,8 millions de RMB (15,0 millions de USD).

Pour l'année entière 2024, les revenus nets ont chuté de 21,1 % à 2 601,0 millions de RMB (356,3 millions de USD). L'activité à l'étranger de l'entreprise a montré de la résilience, avec une augmentation de 18,3 % du nombre de clients enregistrés à l'étranger, atteignant 17 654. Les actifs totaux sous gestion sont restés stables à 151,5 milliards de RMB (20,8 milliards de USD).

L'entreprise a annoncé un dividende combiné annuel et spécial totalisant 550 millions de RMB, équivalent à 100 % du bénéfice net non-GAAP attribuable aux actionnaires pour l'année entière 2024.

Noah Holdings (NYSE: NOAH) hat die finanziellen Ergebnisse für das vierte Quartal 2024 veröffentlicht, die einen Rückgang der Leistung zeigen. Die Nettoumsätze sanken im Jahresvergleich um 18,5% auf 651,9 Millionen RMB (89,3 Millionen USD), hauptsächlich aufgrund einer reduzierten Verteilung von Versicherungsprodukten. Der den Aktionären zurechenbare Nettogewinn fiel um 49,3% auf 109,8 Millionen RMB (15,0 Millionen USD).

Für das gesamte Jahr 2024 sanken die Nettoumsätze um 21,1% auf 2.601,0 Millionen RMB (356,3 Millionen USD). Das Auslandsgeschäft des Unternehmens zeigte Resilienz, mit einem Anstieg der im Ausland registrierten Kunden um 18,3% auf 17.654. Die verwalteten Gesamtkapitalanlagen blieben stabil bei 151,5 Milliarden RMB (20,8 Milliarden USD).

Das Unternehmen kündigte eine kombinierte jährliche und spezielle Dividende in Höhe von 550 Millionen RMB an, was 100% des gesamten nicht-GAAP Nettogewinns für das Jahr 2024 entspricht, der den Aktionären zuzurechnen ist.

Positive
  • Overseas registered clients increased 18.3% to 17,654
  • Distribution of overseas investment products grew 30.7% to RMB31.1 billion
  • Announced 100% dividend payout of non-GAAP net income
  • Overseas relationship managers increased 55.1% to 138
Negative
  • Q4 net revenues decreased 18.5% year-over-year to RMB651.9 million
  • Q4 net income fell 49.3% to RMB109.8 million
  • Full year 2024 net revenues declined 21.1% to RMB2,601.0 million
  • Total active clients decreased 23.4% in full year 2024

Insights

Noah Holdings reported significant declines across key financial metrics for Q4 and full-year 2024. Fourth quarter revenues fell 18.5% year-over-year to RMB651.9 million ($89.3 million), while income from operations dropped 37.7% and net income plunged 49.3% to RMB109.8 million. Full-year results showed similar weakness with revenues down 21.1% and net income falling 52.9%.

The primary driver behind these declines was reduced insurance product distribution, particularly in overseas markets where insurance-related revenues fell 32.0% year-over-year. However, the company's domestic public securities segment showed strength with a 200.0% sequential increase amid Chinese stock market gains that began in late September.

Noah's strategic pivot toward international markets is starting to yield selective growth. Overseas investment product distribution increased 19.7% in Q4, with particularly strong performance in mutual funds (up 60.7%) and private equity products (up 116.7%). Overseas registered clients grew 18.3% year-over-year, and overseas assets under management increased to RMB42.6 billion from RMB36.0 billion last year.

In a shareholder-friendly move, the Board approved combined annual and special dividends totaling RMB550 million, equivalent to 100% of full-year 2024 non-GAAP net income. This appears to be a strategic decision to maintain investor confidence despite the challenging financial results.

Noah's Q4 results reveal a company in transition, strategically pivoting from its traditional mainland China focus toward a global wealth management platform targeting Mandarin-speaking high-net-worth individuals worldwide. This shift comes amid challenging financial performance but shows early signs of traction in key growth metrics.

The company's domestic restructuring is evident in its drastically reduced mainland China footprint—covering just 11 cities versus 44 a year ago—while simultaneously expanding its overseas relationship manager headcount by 55.1%. This reallocation of resources aligns with management's stated goal of pursuing opportunities in Southeast Asia, Canada, and Japan, where substantial Mandarin-speaking wealth exists.

Transaction data supports this strategic shift, with overseas investment product distribution growing 30.7% for full-year 2024 despite overall distribution declining 13.8%. The 69.5% increase in overseas mutual fund distribution and 77.8% jump in overseas private equity placements demonstrate the company's ability to adapt its product mix to international client preferences.

Noah's core client metrics similarly reflect this transition. While total active clients decreased 23.4% in 2024, overseas active clients increased 19.8%, suggesting the company is successfully refocusing its efforts. This shift toward international markets has fundamentally changed Noah's revenue composition, with overseas operations now representing 48% of total revenues—approaching parity with domestic business despite the overall revenue decline.

SHANGHAI, March 25, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today announced its unaudited financial results for the fourth quarter of 2024 and the audited financial results for the full year ended December 31, 2024.

FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS

  • Net revenues for the fourth quarter of 2024 were RMB651.9 million (US$89.3 million), an 18.5% decrease from the corresponding period in 2023 and a 4.6% decrease sequentially, mainly due to a decrease in distribution of insurance products.

Net revenues from mainland China for the fourth quarter of 2024 were RMB362.1 million (US$49.6 million), effectively flat when compared with the corresponding period in 2023. Net revenues from mainland China increased by 18.0% compared with the third quarter of 2024, mainly due to a 200.0% increase in distribution of public securities products amid stock market surges beginning from late September.

Net revenues from overseas for the fourth quarter of 2024 were RMB289.8 million (US$39.7 million), a 32.0% decrease from the corresponding period in 2023 and a 23.1% decrease sequentially, primarily due to decreases of revenue from distribution of overseas insurance products. Meanwhile the distribution of private equity products increased by 116.7% compared with the fourth quarter of 2023.

  • Starting from the fourth quarter of 2024, the Company discloses net revenues for each domestic and overseas business segment[1]. The Company believes that this will better reflect its recent operational adjustments and organizational restructuring, providing investors with a clearer understanding of the financial performance and strategic progress of each business segment:
    • Domestic public securities[2] is the business that distributes mutual funds and private secondary products. Net revenues for the fourth quarter of 2024 were RMB146.2 million (US$20.0 million).
    • Domestic asset management[3] is the business that manages RMB-denominated private equity funds and private secondary products. Net revenues for the fourth quarter of 2024 were RMB198.7 million (US$27.2 million).
    • Domestic insurance[4] is the business that distributes insurance products, consisting mainly of life and health insurance products. Net revenues for the fourth quarter of 2024 were RMB3.9 million (US$0.5 million).
    • Overseas wealth management[5] is the business that provides offline and online wealth management services. Net revenues for the fourth quarter of 2024 were RMB156.6 million (US$21.5 million).
    • Overseas asset management[6] is the business that manages USD-denominated private equity funds and private secondary products. Net revenues for the fourth quarter of 2024 were RMB101.4 million (US$13.9 million).
    • Overseas insurance and comprehensive services[7] is the business that provides comprehensive overseas services such as insurance, trust services and other services. Net revenues for the fourth quarter of 2024 were RMB31.9 million (US$4.4 million).
    • Headquarters reflects revenue generated from corporate operations at the Company's headquarters in Shanghai as well as administrative costs and expenses that were not directly allocated to the aforementioned six business segments. Net revenues during the fourth quarter of 2024 were RMB13.2 million (US$1.8 million).

Net Revenues under the segmentation adopted in Q4 2024 is as follows:

(RMB millions)

Q4 2024[8]

Domestic public securities

146.2

Domestic asset management

198.7

Domestic insurance

3.9

Overseas wealth management

156.6

Overseas asset management

101.4

Overseas insurance and comprehensive services

31.9

Headquarters

13.2

Total net revenues

651.9

 

Net Revenues under the traditional segmentation is as follows:

(RMB millions,

except percentages)

Q4 2023


Q4 2024


YoY Change

Wealth management

610.3


457.4


(25.1 %)

Asset management

186.2


185.7


(0.2 %)

Other businesses

3.0


8.8


192.6 %

Total net revenues

799.5


651.9


(18.5 %)

 

Net Revenues by geography is as follows:

(RMB millions,

except percentages)

Q4 2023



Q4 2024



YoY Change

Mainland China

373.3



362.1



(3.0 %)

Overseas

426.2



289.8



(32.0 %)

Total net revenues

799.5



651.9



(18.5 %)

 

  • Income from operations for the fourth quarter of 2024 was RMB137.6 million (US$18.8 million), a 37.7% decrease from the corresponding period in 2023 and a decrease of 42.9% sequentially, primarily due to a decrease in net revenues.

Income from operations under the traditional segmentation is as follows:

(RMB millions,

except percentages)

Q4 2023


Q4 2024


YoY Change

Wealth management

150.7


74.3


(50.7 %)

Asset management

95.5


94.0


(1.6 %)

Other businesses

(25.5)


(30.7)


20.6 %

Total income from operations

220.7


137.6


(37.7 %)

 

  • Net income attributable to Noah shareholders for the fourth quarter of 2024 was RMB109.8 million (US$15.0 million), a 49.3% decrease from the corresponding period in 2023, primarily due to a 37.7% decrease in income from operations, a 183.6% increase in income tax expenses associated with a dividend withholding tax for offshore dividend payments from PRC subsidiaries, and losses relating to investments in affiliates. Net income attributable to Noah shareholders decreased by 18.3% sequentially, primarily due to a 42.9% decrease in income from operations, partially offset by a 35.7% increase from interest income and RMB43.8 million (US$6.0 million) of other income relating to foreign exchange gains.
  • Non-GAAP[9] net income attributable to Noah shareholders for the fourth quarter of 2024 was RMB132.4 million (US$18.1 million), a 43.3% decrease from the corresponding period in 2023 and a 12.0% decrease from the third quarter of 2024.

FULL YEAR 2024 FINANCIAL HIGHLIGHTS

  • Net revenues in the full year 2024 were RMB2,601.0 million (US$356.3 million), a 21.1% decrease from 2023, mainly due to a decrease in distribution of insurance products.

Net revenues from mainland China in the full year 2024 were RMB1,348.9 million (US$184.8 million), a 27.5% decrease from the corresponding period in 2023, primarily due to decreases in revenue from distribution of domestic insurance products and recurring service fees from private equity products.

Net revenues from overseas in the full year 2024 were RMB1,252.1 million (US$171.5 million), a 12.7% decrease from the corresponding period in 2023, primarily due to a decrease of 21.9% in revenue from overseas insurance products distribution and a decrease of 36.9% in revenue from other services provided to offshore high-net-worth investors, which were partially offset by an increase of 5.1% in recurring service fees from the Company's expanding overseas investment products portfolio.

Net Revenues under the segmentation adopted in Q4 2024 is as follows:

(RMB millions)

FY 2024[10]

Domestic public securities

488.7

Domestic asset management

772.1

Domestic insurance

42.9

Overseas wealth management

674.7

Overseas asset management

438.5

Overseas insurance and comprehensive services

138.9

Headquarters

45.2

Total net revenues

2,601.0

 

Net Revenues under the traditional segmentation is as follows:

(RMB millions,

except percentages)

FY  2023


FY  2024


YoY Change

Wealth management

2,491.2


1,800.7


(27.7 %)

Asset management

766.2


767.4


0.2 %

Other businesses

37.3


32.9


(11.7 %)

Total net revenues

3,294.7


2,601.0


(21.1 %)

 

Net Revenues by geography is as follows:

(RMB millions,

except percentages)

FY 2023



FY 2024



YoY Change

Mainland China

1,861.3



1,348.9



(27.5 %)

Overseas

1,433.4



1,252.1



(12.7 %)

Total net revenues

3,294.7



2,601.0



(21.1 %)

 

  • Income from operations in the full year 2024 was RMB633.9 million (US$86.8 million), a 42.3% decrease from 2023, mainly due to (i) a 21.1% decrease in net revenues and (ii) a 48.6% decrease in government subsidies, partially offset by (i) a 7.4% decrease in total compensation and benefits and (ii) a 44.6% decrease in selling expenses.
  • Income from operations under the traditional segmentation is as follows:

(RMB millions,

except percentages)

FY  2023


FY  2024


YoY Change

Wealth management

809.9


344.0


(57.5 %)

Asset management

386.7


387.9


0.3 %

Other businesses

(98.6)


(98.0)


(0.6 %)

Total income from operations

1,097.9


633.9


(42.3 %)

 

  • Net income attributable to Noah shareholders in the full year 2024 was RMB475.4 million (US$65.1 million), a 52.9% decrease from 2023, mainly due to a 42.3% decrease in income from operations and a loss from equity in affiliates recorded in 2024.
  • Non-GAAP net income attributable to Noah shareholders in the full year 2024 was RMB550.2 million (US$75.4 million), a 46.0% decrease from 2023.

FOURTH QUARTER AND FULL YEAR 2024 OPERATIONAL UPDATES

Wealth Management Business

Noah offers global investment products and provides value-added services to global Mandarin-speaking high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies.

  • Total number of registered clients as of December 31, 2024 was 462,049, a 1.4% increase from December 31, 2023 and a 0.4% increase from September 30, 2024. Among registered clients as of December 31, 2024, the number of overseas registered clients was 17,654, a 18.3% increase from December 31, 2023, and a 2.1% increase from September 30, 2024.
  • Total number of active clients[11] for the fourth quarter of 2024 was 8,862, a decrease of 1.9% from the fourth quarter of 2023 and a 12.8% increase from the third quarter of 2024. Among active clients during the fourth quarter of 2024, the number of overseas active clients was 2,914, a 15.8% increase from the fourth quarter of 2023 and a 7.2% decrease from the third quarter of 2024.Total number of active clients in the full year 2024 was 17,210, a decrease of 23.4% from 2023. Among active clients during the full year 2024, the number of overseas active clients was 5,544, a 19.8% increase from 2023.
  • Aggregate value of investment products distributed during the fourth quarter of 2024 was RMB16.3 billion (US$2.2 billion), a 1.7% decrease from the corresponding period in 2023. The aggregate value of investment products distributed increased by 14.0% sequentially, mainly due to an increase in distribution of private secondary products and mutual fund products. Among the investment products distributed during the fourth quarter of 2024, Noah distributed RMB7.1 billion (US$1.0 billion) of overseas investment products, a 19.7% increase from the corresponding period of 2023, primarily due to a 60.7% and 116.7% increase in distribution of overseas mutual fund products and private equity products, respectively.
  • The aggregate value of investment products distributed, categorized by product type, is as follows:

Three months ended December 31,


2023


2024


(RMB in billions, except percentages)

Mutual fund products

10.9


66.0 %


9.8


60.1 %

Private secondary products 

4.2


25.1 %


4.7


28.8 %

Private equity products

0.7


4.3 %


1.3


8.0 %

Other products[12]

0.7


4.6 %


0.5


3.1 %

All products

16.5


100.0 %


16.3


100.0 %

The aggregate value of investment products distributed, categorized by geography, is as follows：

Type of products in mainland China

Three months ended December 31,


2023


2024


(RMB in billions, except percentages)

Mutual fund products

8.9


84.0 %


6.6


71.7 %

Private secondary products 

1.5


14.2 %


2.4


26.1 %

Private equity products

0.1


0.9 %


-


-

Other products

0.1


0.9 %


0.2


2.2 %

All products in mainland China

10.6


100.0 %


9.2


100.0 %

 

Type of overseas products

Three months ended December 31,


2023


2024


(RMB in billions, except percentages)

Mutual fund products

2.0


33.8 %


3.2


45.1 %

Private secondary products 

2.7


45.8 %


2.3


32.4 %

Private equity products

0.6


10.2 %


1.3


18.3 %

Other products

0.6


10.2 %


0.3


4.2 %

All Overseas products

5.9


100.0 %


7.1


100.00 %

 

  • Aggregate value of investment products distributed during the full year 2024 was RMB63.9 billion (US$8.8 billion), a 13.8% decrease from 2023, primarily due to a 35.3% decrease in distribution of domestic mutual fund products. Among the investment products distributed during the full year 2024, Noah distributed RMB31.1 billion (US$4.3 billion) of overseas investment products, a 30.7% increase from the corresponding period of 2023, primarily due to a 69.5% and 77.8% increase in distribution of overseas mutual fund products and private equity products, respectively.
  • The aggregate value of investment products distributed, categorized by product type, is as follows:

Twelve months ended December 31,


2023


2024


(RMB in billions, except percentages)

Mutual fund products

47.9


64.6 %


39.6


62.0 %

Private secondary products 

18.4


24.8 %


16.2


25.3 %

Private equity products

3.3


4.5 %


4.8


7.5 %

Other products

4.5


6.1 %


3.3


5.2 %

All products

74.1


100.0 %


63.9


100.0 %

The aggregate value of investment products distributed, categorized by geography, is as follows：

Type of products in mainland China

Twelve months ended December 31,


2023


2024


(RMB in billions, except percentages)

Mutual fund products

39.7


78.9 %


25.7


78.4 %

Private secondary products 

7.8


15.5 %


5.4


16.4 %

Private equity products

0.6


1.2 %


-


-

Other products

2.2


4.4 %


1.7


5.2 %

All products in mainland China

50.3


100.0 %


32.8


100.0 %

 

Type of overseas products

Twelve months ended December 31,


2023


2024


(RMB in billions, except percentages)

Mutual fund products

8.2


34.5 %


13.9


44.8 %

Private secondary products 

10.6


44.5 %


10.8


34.7 %

Private equity products

2.7


11.3 %


4.8


15.4 %

Other products

2.3


9.7 %


1.6


5.1 %

All Overseas products

23.8


100.0 %


31.1


100.0 %

 

  • Coverage network in mainland China included 11 cities as of December 31, 2024, compared with 44 cities as of December 31, 2023, and 13 cities as of September 30, 2024, primarily due to the continued streamlining of the Company's domestic coverage network.
  • Aggregate number of overseas relationship managers was 138 as of December 31, 2024, an increase of 55.1% from December 31, 2023, and a decrease of 5.5% from September 30, 2024.

Asset Management Business

Noah's asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management"), a leading multi-asset manager in China, and Olive Asset Management Co., Ltd. ("Olive Asset Management"), the Company's recently launched overseas asset management brand focused on providing global investment solutions with offices in Hong Kong and the United States. Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategy investments denominated in RMB, USD and other currencies.

  • Total assets under management as of December 31, 2024 remained stable at RMB151.5 billion (US$20.8 billion), compared with RMB150.1 billion as of September 30, 2024 and RMB154.6 billion as of December 31, 2023, mainly due to exchange rate fluctuations affecting the value of overseas assets under management.

Mainland China assets under management as of December 31, 2024 were RMB108.9 billion (US$14.9 billion), compared with RMB118.6 billion as of December 31, 2023, and RMB110.6 billion as of September 30, 2024.

Overseas assets under management as of December 31, 2024 were RMB42.6 billion (US$5.8 billion), compared with RMB36.0 billion as of December 31, 2023, and RMB39.5 billion as of September 30, 2024.

Total assets under management, categorized by investment type, are as follows:

Investment type

As of 
September 30, 
2024



Growth



Allocation/
Redemption[13]


As of
December 31, 
2024


(RMB billions, except percentages)

Private equity

130.1


86.7 %


0.4


(1.0)


131.5


86.8 %

Public securities[14]

9.9


6.6 %


1.4


1.9


9.4


6.2 %

Real estate

5.5


3.7 %


0.1


(0.6)


6.2


4.1 %

Multi-strategies

4.1


2.7 %


-


0.2


3.9


2.6 %

Others

0.5


0.3 %


-


-


0.5


0.3 %

All Investments

150.1


100.0 %


1.9


0.5


151.5


100.0 %

 

Investment type

As of 
December 31, 
2023



Growth



Allocation/
Redemption


As of
December 31, 
2024


(RMB billions, except percentages)

Private equity

132.2


85.5 %


2.6


3.3


131.5


86.8 %

Public securities

11.5


7.4 %


8.9


11.0


9.4


6.2 %

Real estate

6.2


4.0 %


0.5


0.5


6.2


4.1 %

Multi-strategies

4.2


2.8 %


-


0.3


3.9


2.6 %

Others

0.5


0.3 %


0.1


0.1


0.5


0.3 %

All Investments

154.6


100.0 %


12.1


15.2


151.5


100.0 %

 

Total assets under management, categorized by geography, are as follows:

Mainland China
Investment type

As of 
September 30, 
2024



Growth


Allocation/

Redemption


As of
December 31, 
2024


(RMB billions, except percentages)

Private equity

100.1


90.5 %


-


1.5


98.6


90.5 %

Public securities

5.5


5.0 %


0.4


0.6


5.3


4.9 %

Real estate

2.2


2.0 %


-


-


2.2


2.0 %

Multi-strategies

2.3


2.0 %


-


-


2.3


2.1 %

Others

0.5


0.5 %


-


-


0.5


0.5 %

All Investments

110.6


100.0 %


0.4


2.1


108.9


100.0 %

 

Mainland China
Investment type

As of 
December 31, 
2023



Growth


Allocation/

Redemption


As of
December 31, 
2024


(RMB billions, except percentages)

Private equity

105.2


88.7 %


-


6.6


98.6


90.5 %

Public securities

7.1


6.0 %


1.0


2.8


5.3


4.9 %

Real estate

3.2


2.7 %


-


1.0


2.2


2.0 %

Multi-strategies

2.6


2.2 %


-


0.3


2.3


2.1 %

Others

0.5


0.4 %


0.1


0.1


0.5


0.5 %

All Investments

118.6


100.0 %


1.1


10.8


108.9


100.0 %

 

Overseas

Investment type

As of 

September 30, 
2024



Growth


Allocation/

Redemption


As of
December 31, 
2024


(RMB billions, except percentages)

Private equity

30.0


75.9 %


0.4


(2.5)


32.9


77.2 %

Public securities

4.4


11.1 %


1.0


1.3


4.1


9.6 %

Real estate

3.3


8.4 %


0.1


(0.6)


4.0


9.4 %

Multi-strategies

1.8


4.6 %


-


0.2


1.6


3.8 %

All Investments

39.5


100.0 %


1.5


(1.6)


42.6


100.0 %

 

Overseas

Investment type

As of 

December 31,, 
2023



Growth


Allocation/

Redemption


As of
December 31, 
2024


(RMB billions, except percentages)

Private equity

27.0


75.1 %


2.6


(3.3)


32.9


77.2 %

Public securities

4.4


12.2 %


7.9


8.2


4.1


9.6 %

Real estate

3.0


8.3 %


0.5


(0.5)


4.0


9.4 %

Multi-strategies

1.6


4.4 %


-


-


1.6


3.8 %

All Investments

36.0


100.0 %


11.0


4.4


42.6


100.0 %

 

Other Businesses

Noah's other businesses mainly include providing clients with additional comprehensive services and investment products. Operating results for other businesses (under the Company's traditional segmentation) also include headquarters rental income, depreciation and amortization, as well as operating expenses.

Ms. Jingbo Wang, co-founder and chairwoman of Noah, commented, "As we close out 2024, I am proud of the significant progress we've made in transforming and adapting ourselves over the past year. Leveraging our expertise in alternative investments and extensive network of Mandarin-speaking HNWIs, we are determined to not only grow in tandem with our clients as they venture overseas but also expand our business internationally to target underserved new and established Mandarin-speaking immigrants in those markets. With our client base and infrastructure growing globally, our international expansion is gaining significant growth momentum. This is clearly reflected in our financial performance for the year where overseas revenue accounted for 48% of total revenues, transaction value of overseas products increased 30% to US$4.3 billion, and overseas assets under management increased 18% to US$5.8 billion when compared to last year."

"We launched new internationally-focused brands during the year that will lead our efforts to not only service existing clients but also facilitate engagement with new clients in Southeast Asia, Canada, and Japan. Our team of overseas relationship managers grew to 138 in 2024, who are driving this expansion by blending our wealth management, asset management, and integrated global inheritance services to craft comprehensive global solutions that address the specific needs of each target client segment."

"As we enter 2025, we are poised to build on the momentum we picked up last year where our strategic focus will be squarely on expanding our client base both domestically and internationally. The global infrastructure we are building will deepen our reach into markets with large Mandarin-speaking communities globally, significantly expanding opportunities to acquire new clients with our competitive investment solutions and renowned service standards, and will drive long-term sustainable growth going forward. We recognize that we are still in the early stages of this global expansion and place significant value on delivering sustained returns to the shareholders who join us for this journey. We are committed to sharing our success going forward and are pleased to announce that the Board has approved an annual dividend and a special dividend, which together amount to RMB550 million, equivalent to 100% of our full-year 2024 non-GAAP net income attributable to Noah shareholders."

FOURTH QUARTER 2024 FINANCIAL RESULTS[15]

Net Revenues

Net revenues for the fourth quarter of 2024 were RMB651.9 million (US$89.3 million), an 18.5% decrease from the corresponding period in 2023.

  • Wealth Management Business
    • Net revenues from one-time commissions for the fourth quarter of 2024 were RMB133.8 million (US$18.3 million), a 56.3% decrease from the corresponding period in 2023, primarily due to a decrease in distribution of overseas insurance products.
    • Net revenues from recurring service fees for the fourth quarter of 2024 were RMB248.7 million (US$34.1 million), a 1.8% decrease from the corresponding period in 2023.
    • Net revenues from performance-based income for the fourth quarter of 2024 were RMB34.6 million (US$4.7 million), compared with RMB0.1 million in the corresponding period of 2023, primarily due to an increase in performance-based income from public securities products.
    • Net revenues from other service fees for the fourth quarter of 2024 were RMB40.2 million (US$5.5 million), a 20.2% decrease from the corresponding period in 2023, primarily due to a decrease in the value-added services offered to high-net-worth clients.
  • Asset Management Business
    • Net revenues from recurring service fees for the fourth quarter of 2024 were RMB170.4 million (US$23.3 million), a 2.3% decrease from the corresponding period in 2023.
    • Net revenues from performance-based income for the fourth quarter of 2024 were RMB14.5 million (US$2.0 million), a 23.4% increase from the corresponding period in 2023, primarily due to an increase in performance-based income from real estate managed by Olive Asset Management.
  • Other Businesses
    • Net revenues for the fourth quarter of 2024 were RMB8.8 million (US$1.2 million), compared with RMB3.0 million in the corresponding period in 2023.

Operating Costs and Expenses

Operating costs and expenses for the fourth quarter of 2024 were RMB514.3 million (US$70.5 million), an 11.1% decrease from the corresponding period in 2023. Operating costs and expenses primarily consisted of (i) compensation and benefits of RMB353.7 million (US$48.5 million); (ii) selling expenses of RMB78.9 million (US$10.8 million); (iii) general and administrative expenses of RMB73.5 million (US$10.1 million); (iv) provision for credit losses of RMB18.9 million (US$2.6 million); and (v) other operating expenses of RMB17.2 million (US$2.4 million).

  • Operating costs and expenses for the wealth management business for the fourth quarter of 2024 were RMB383.1 million (US$52.5 million), a 16.7% decrease from the corresponding period in 2023, primarily due to decreases of 52.8% in selling expenses and 34.5% in general and administrative expenses and partially offset by an increase in compensation and benefits relating to new grant of restricted share units to employees.
  • Operating costs and expenses for the asset management business for the fourth quarter of 2024 were RMB91.8 million (US$12.6 million), a 1.2% increase from the corresponding period in 2023.
  • Operating costs and expenses for other businesses for the fourth quarter of 2024 were RMB39.5 million (US$5.4 million), a 38.7% increase from the corresponding period in 2023, due to an increase in recorded credit losses.

Operating Margin

Operating margin for the fourth quarter of 2024 was 21.1%, compared with 27.6% for the corresponding period in 2023.

  • Operating margin for the wealth management business for the fourth quarter of 2024 was 16.3%, compared with 24.7% for the corresponding period in 2023.
  • Operating margin for the asset management business for the fourth quarter of 2024 was 50.6%, compared with 51.3%% for the corresponding period in 2023.
  • Loss from other businesses for the fourth quarter of 2024 was RMB30.7 million (US$4.2 million), compared with RMB25.5 million in the corresponding period of 2023, primarily due to an increase in provision for credit losses.

Interest Income

Interest income for the fourth quarter of 2024 was RMB38.6 million (US$5.3 million), a 13.1% decrease from the corresponding period in 2023.

Investment Income/loss

Investment income for the fourth quarter of 2024 was RMB18.2 million (US$2.5million), compared with investment loss of RMB53.6 million for the corresponding period in 2023, primarily due to unrealized income from fair value changes on certain equity investments.

Income Tax Expenses

Income tax expenses for the fourth quarter of 2024 were RMB96.6 million (US$13.2 million), a 183.6% increase from the corresponding period in 2023, due to increases in effective tax rate relating to dividend withholding tax and certain unrealized tax losses in mainland China.

Net Income

  • Net Income
    • Net income for the fourth quarter of 2024 was RMB113.7 million (US$15.6 million), a 46.7% decrease from the corresponding period in 2023.
    • Net margin for the fourth quarter of 2024 was 17.4%, compared with 26.7% for the corresponding period in 2023.
    • Net income attributable to Noah shareholders for the fourth quarter of 2024 was RMB109.8 million (US$15.0 million), a 49.3% decrease from the corresponding period in 2023.
    • Net margin attributable to Noah shareholders for the fourth quarter of 2024 was 16.8%, compared with 27.1% for the corresponding period in 2023.
    • Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2024 was RMB1.56 (US$0.21) and RMB1.55 (US$0.21), respectively, compared with RMB3.12 and RMB3.12 respectively, for the corresponding period in 2023.
  • Non-GAAP Net Income Attributable to Noah Shareholders
    • Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2024 was RMB132.4 million (US$18.1 million), a 43.3% decrease from the corresponding period in 2023.
    • Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2024 was 20.3%, compared with 29.2% for the corresponding period in 2023.
    • Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2024 was RMB1.87 (US$0.26), compared with RMB3.36 for the corresponding period in 2023.

FULL YEAR 2024 FINANCIAL RESULTS[16]

Net Revenues

Net revenues for the full year 2024 were RMB2,601.0 million (US$356.3 million), a 21.1% decrease from 2023, primarily due to a decrease in one-time commissions associated with Noah's wealth management business. 

  • Wealth Management Business
    • Net revenues from one-time commissions for 2024 were RMB631.7 million (US$86.5 million), a 41.6% decrease from 2023, primarily due to a decrease in the distribution of insurance products.
    • Net revenues from recurring service fees for 2024 were RMB979.3 million (US$134.2 million), an 11.1% decrease from 2023, mainly due to a decrease in recurring service fees generated from private secondary and private equity products.
    • Net revenues from performance-based income for 2024 were RMB48.7 million (US$6.7 million), a 43.4% decrease from 2023, primarily due to a decrease in performance-based income from private equity products.
    • Net revenues from other service fees for 2024 were RMB141.0 million (US$19.3 million), a 36.2% decrease from 2024, primarily due to fewer value-added services Noah provided to its high-net-worth clients.
  • Asset Management Business
    • Net revenues from recurring service fees for 2024 were RMB662.5 million (US$90.8 million), a 7.0% decrease from 2023.
    • Net revenues from performance-based income for 2024 were RMB103.7 million (US$14.2 million), a 103.0% increase from 2023, primarily due to an increase in performance-based income from private equity products.
  • Other Businesses
    • Net revenues for 2024 were RMB32.9 million (US$4.5 million), an 11.7% decrease from 2023.

Operating costs and expenses

Operating costs and expenses for 2024 were RMB1,967.1 million (US$269.5 million), a 10.5% decrease from 2023. Operating costs and expenses for 2024 primarily consisted of (i) compensation and benefits of RMB1,349.5 million (US$184.9 million); (ii) selling expenses of RMB269.0 million (US$36.9 million); (iii) general and administrative expenses of RMB296.8 million (US$40.7 million); (iv) provision for credit losses of RMB23.9 million (US$3.3 million); and (v) other operating expenses of RMB93.2 million (US$12.8 million).

  • Operating costs and expenses for the wealth management business for 2024 were RMB1,456.7 million (US$199.6 million), a 13.4% decrease from 2023, primarily due to a decrease in selling expenses as well as compensation and benefits.
  • Operating costs and expenses for the asset management business for 2024 were RMB379.5 million (US$52.0 million), effectively flat when compared with the corresponding period in 2023.
  • Operating costs and expenses for other businesses for 2024 were RMB131.0 million (US$17.9 million), a 3.7% decrease from 2023, primarily due to a decrease in other operating expenses.

Operating Margin

Operating margin for 2024 was 24.4%, compared with 33.3% for 2023.

  • Operating margin for the wealth management business for 2024 was 19.1%, compared with 32.5% for 2023.
  • Operating margin for the asset management business for 2024 was 50.5%, compared with 50.5% for 2023.
  • Loss from other businesses for 2024 was RMB98.0 million (US$13.4 million), compared with an operating loss of RMB98.6 million for 2023.

Interest Income

Interest income for 2024 was RMB155.8 million (US$21.3 million), a 3.8% decrease from the corresponding period in 2023.

Investment Loss/Income

Investment income for 2024 was RMB50.2 million (US$6.9 million), compared with investment loss of RMB61.5 million for 2023.

Income Tax Expenses

Income tax expenses for 2024 were RMB268.6 million (US$36.8 million), a 2.4% increase from 2023.

Net Income

  • Net Income
    • Net income for 2024 was RMB487.0 million (US$66.7 million), a 51.3% decrease from 2023.
    • Net margin for 2024 was 18.7%, compared with 30.4% for 2023.
    • Net income attributable to Noah shareholders for 2024 was RMB475.4 million (US$65.1million), a 52.9% decrease from 2023.
    • Net margin attributable to Noah shareholders for 2024 was 18.3%, compared with 30.6% for the corresponding period in 2023.
    • Net income attributable to Noah shareholders per basic and diluted ADS for 2024 was RMB6.78 (US$0.93) and RMB6.75 (US$0.92), respectively, compared with RMB14.53 and RMB14.53, respectively, for the corresponding period in 2023.
  • Non-GAAP Net Income Attributable to Noah Shareholders
    • Non-GAAP net income attributable to Noah shareholders for 2024 was RMB550.2 million (US$75.4 million), a 46.0% decrease from 2023.
    • Non-GAAP net margin attributable to Noah shareholders for 2024 was 21.2%, compared with 30.9% for the corresponding period in 2023.
    • Non-GAAP net income attributable to Noah shareholders per diluted ADS for 2024 was RMB7.81 (US$1.07), compared with RMB14.66 for the corresponding period in 2023.

BALANCE SHEET AND CASH FLOW

As of December 31, 2024, the Company had RMB3,822.3 million (US$523.7 million) in cash and cash equivalents, compared with RMB5,192.1 million as of December 31, 2023 and RMB3,435.8 million as of September 30, 2024.

Net cash inflow from the Company's operating activities during the fourth quarter of 2024 was RMB282.3 million (US$38.7 million), compared with RMB152.5 million in the corresponding period in 2023, mainly due to cash inflow generated from net income from operations. Net cash inflow from the Company's operating activities in 2024 was RMB387.3 million (US$53.1 million), compared with RMB1,318.3 million in 2023, primarily due to a decrease in net come and an increase in trading debt products in 2024.

Net cash inflow from the Company's investing activities during the fourth quarter of 2024 was RMB72.9 million (US$10.0 million), compared with net cash inflow of RMB226.8 million in the corresponding period in 2023. Net cash outflow from the Company's investing activities in 2024 was RMB840.8 million (US$115.2 million), compared to net cash outflow of RMB247.1 million in 2023, primarily due to various purchases of term deposits in 2024.

Net cash outflow from the Company's financing activities was RMB66.6 million (US$9.1 million) in the fourth quarter of 2024, compared to net cash outflow of RMB94.0 million in the corresponding period in 2023. Net cash outflow from the Company's financing activities in 2024 was RMB1,134.2 million (US$155.4 million), compared to net cash outflow of RMB199.8 million in 2023, primarily due to payment of the final dividend to the Company's shareholders in 2024.

ANNUAL AND SPECIAL DIVIDEND

On March 25, 2025, the Company's Board of Directors (the "Board") approved an annual dividend of approximately RMB275.0 million (US$37.7 million) in total, which is equivalent to 50% of full year 2024 non-GAAP net income attributable to Noah shareholders, in accordance with the capital management and shareholder return policy (the "Policy") adopted on November 29, 2023. The Board has also approved a non-recurring special dividend of approximately RMB275.0 million (US$37.7 million) in total. The annual and special dividend payment plan will be reviewed during and announced after the Annual General Meeting, which is expected to be held in June 2025.

[1] Solely for disclosure purposes, "domestic" and "overseas" as used here and throughout this press release refer to the Company's businesses conducted in mainland China and outside of mainland China, respectively.

[2] Operates under the Noah Upright brand

[3] Operates under the Gopher Asset Management brand

[4] Operates under the Glory brand

[5] Operates under the ARK Wealth Management brand

[6] Operates under the Olive Asset Management brand

[7] Operates under the Glory Family Heritage brand

[8] The financial information under the segmentation adopted in Q4 2024 presented in this press release does not include a retrospective recast of the financial information of the prior year in accordance with this segmentation, as this segmentation reflects the Company's operational adjustments and organizational restructuring in 2024 and the costs and expenses in the Company's income statements could not be re-allocated retrospectively under this segmentation.

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

[10] The financial information under the segmentation adopted in Q4 2024 presented in this press release does not include a retrospective recast of the financial information of the prior year in accordance with this segmentation, as this segmentation reflects the Company's operational adjustments and organizational restructuring in 2024 and the costs and expenses in the Company's income statements could not be re-allocated retrospectively under this segmentation.

[11]  "Active clients" for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.

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

[13]  The asset allocation/redemption of overseas investment products includes the fluctuation result of foreign currencies exchange rate.

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

[15] To provide meaningful comparative information for investors, the quarter-to-quarter analyses presented below are based on the traditional segmentation adopted by the Company (where applicable).

[16] To provide meaningful comparative information for investors, the year-to-year analyses presented below are based on the traditional segmentation adopted by the Company (where applicable).

CONFERENCE CALL 

The Company's senior management will host an earnings conference call to discuss its Q4 and full year 2024 Results and recent business activities. Details of the conference call are as follows:

Zoom webinar details

Conference title

Noah Holdings 4Q and Full Year 2024 Earnings Conference Call

Date/Time

Tuesday, March 25, 2025 at 8:00 p.m., U.S. Eastern Time

Wednesday, March 26, 2025 at 8:00 a.m., Hong Kong Time

Dial in:


– Hong Kong Toll Free:

800-963976

– United States Toll Free:

1-888-317-6003

– Mainland China Toll Free:     

4001-206115

– International Toll:

1-412-317-6061

Participant Password:

3516952

A telephone replay will be available starting approximately one hour after the end of the conference until April 1, 2025 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 2095416.

DISCUSSION ON 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, non-cash settlement expenses or reversal 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 offering comprehensive one-stop advisory services on global investment and asset allocation primarily for mandarin-speaking high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH", and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share.

In 2024, Noah distributed RMB63.9 billion (US$8.8 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB151.5 billion (US$20.8 billion) as of December 31, 2024.

Noah's domestic and overseas wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China, as well as Hong Kong (China), New York, Silicon Valley, Singapore, and Los Angeles. The Company's wealth management business had 462,049 registered clients as of December 31, 2024. Through its domestic and overseas asset management business operated by Gopher Asset Management and Olive 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 fourth quarter of 2024 and audited financial results for the full year ended December 31, 2024 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 RMB7.2993 to US$1.00, the effective noon buying rate for December 31, 2024 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. 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 announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), 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. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. 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 and the Hong Kong Stock Exchange. 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










As of



September 30,


December 31,


December 31,



2024


2024


2024



(unaudited)


(Audited)


(Audited)



RMB'000


RMB'000


USD'000

Assets







  Current assets:







    Cash and cash equivalents


3,435,758


3,822,339


523,658

    Restricted cash


5,786


8,696


1,191

    Short-term investments 


1,297,914


1,274,609


174,621

    Accounts receivable, net 


460,076


473,490


64,868

    Amounts due from related parties


468,264


499,524


68,435

    Loans receivable, net


179,089


169,108


23,168

    Other current assets 


246,451


226,965


31,091

    Total current assets 


6,093,338


6,474,731


887,032

  Long-term investments, net 


960,572


971,099


133,040

  Investment in affiliates


1,404,501


1,373,156


188,122

  Property and equipment, net


2,395,438


2,382,247


326,367

  Operating lease right-of-use assets, net


121,435


121,115


16,593

  Deferred tax assets


400,447


319,206


43,731

  Other non-current assets 


145,394


137,291


18,809

Total Assets


11,521,125


11,778,845


1,613,694

Liabilities and Equity







  Current liabilities:







    Accrued payroll and welfare expenses 


270,282


412,730


56,544

    Income tax payable


130,136


63,892


8,753

    Deferred revenues


76,867


72,259


9,899

    Contingent liabilities


459,436


476,107


65,226

    Other current liabilities


437,260


404,288


55,387

  Total current liabilities


1,373,981


1,429,276


195,809

  Deferred tax liabilities


243,466


246,093


33,715

  Operating lease liabilities, non-current


77,652


75,725


10,374

  Other non-current liabilities


22,985


15,011


2,056

  Total Liabilities 


1,718,084


1,766,105


241,954

  Equity


9,803,041


10,012,740


1,371,740

Total Liabilities and Equity


11,521,125


11,778,845


1,613,694

 

 

Noah Holdings Limited

Condensed Consolidated Income Statements

(unaudited)


Three months ended 


December 31,


December 31,


December 31,


Change


2023


2024


2024



Revenues:

RMB'000


RMB'000


USD'000



Revenues from others:








    One-time commissions

303,460


131,086


17,959


(56.8 %)

    Recurring service fees

167,109


158,733


21,746


(5.0 %)

    Performance-based income

146


34,824


4,771


23752.1 %

    Other service fees

59,244


52,434


7,183


(11.5 %)

Total revenues from others

529,959


377,077


51,659


(28.8 %)

Revenues from funds
    Gopher/Olive manages:








    One-time commissions

4,455


4,318


592


(3.1 %)

    Recurring service fees

262,363


261,904


35,881


(0.20 %)

    Performance-based income

11,762


14,490


1,985


23.2 %

Total revenues from funds
    Gopher/Olive manages

278,580


280,712


38,458


0.8 %

Total revenues

808,539


657,789


90,117


(18.6 %)

Less: VAT related surcharges 

(9,031)


(5,882)


(806)


(34.9 %)

Net revenues

799,508


651,907


89,311


(18.5 %)

Operating costs and expenses:








  Compensation and benefits








    Relationship manager
    compensation

(140,673)


(149,641)


(20,501)


6.4 %

    Others

(160,077)


(204,031)


(27,953)


27.5 %

Total compensation and
    benefits

(300,750)


(353,672)


(48,454)


17.6 %

Selling expenses

(157,399)


(78,877)


(10,806)


(49.9 %)

General and administrative
    expenses 

(98,637)


(73,483)


(10,067)


(25.5 %)

Reversal of (provision for)
    credit losses

1,025


(18,894)


(2,588)


(1943.3 %)

Other operating expenses 

(25,649)


(17,198)


(2,356)


(32.9 %)

Government grants 

2,626


27,791


3,807


958.30 %

Total operating costs and
    expenses 

(578,784)


(514,333)


(70,464)


(11.1 %)

Income from operations 

220,724


137,574


18,847


(37.7 %)

Other income (expense):








  Interest income 

44,389


38,563


5,283


(13.1 %)

  Investment (loss) income

(53,567)


18,233


2,498


N.A.

  Settlement  reversal

-


978


134


N.A.

  Contingent litigation reversal

-


14,000


1,918


N.A.

  Other (expense) income 

(16,933)


43,829


6,005


N.A.

Total other (expense) income 

(26,111)


115,603


15,838


N.A. 

Income before taxes and
    income from equity in
    affiliates

194,613


253,177


34,685


30.1 %

Income tax expense

(34,068)


(96,612)


(13,236)


183.6 %

Income (loss) from equity in
affiliates

52,795


(42,884)


(5,875)


N.A.

Net income 

213,340


113,681


15,574


(46.7 %)

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

(3,190)


3,930


538


N.A.









Net income attributable to
  Noah shareholders 

216,530


109,751


15,036


(49.3 %)









Income per ADS, basic

3.12


1.56


0.21


(50.0 %)

Income per ADS, diluted

3.12


1.55


0.21


(50.3 %)









Margin analysis:








Operating margin

27.6 %


21.1 %


21.1 %



Net margin

26.7 %


17.4 %


17.4 %











Weighted average ADS
    equivalent[1]:








Basic

69,487,210


70,296,590


70,296,590



Diluted

69,500,978


70,901,802


70,901,802



ADS equivalent outstanding at
    end of period

65,261,465


66,078,707


66,078,707



















[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one
ADSs.








 

 

Noah Holdings Limited

Condensed Consolidated Income Statements

(Audited)


Twelve months ended 


December 31,


December 31,


December 31,


Change


2023


2024


2024



Revenues:

RMB'000


RMB'000


USD'000



Revenues from others:








    One-time commissions

1,072,838


614,258


84,153


(42.7 %)

    Recurring service fees

707,580


631,505


86,516


(10.8 %)

    Performance-based income

16,344


47,841


6,554


192.7 %

    Other service fees

270,579


186,108


25,497


(31.2 %)

Total revenues from others

2,067,341


1,479,712


202,720


(28.4 %)

Revenues from funds
    Gopher/Olive manages:








    One-time commissions

16,365


21,288


2,916


30.1 %

    Recurring service fees

1,112,850


1,015,436


139,114


(8.8 %)

    Performance-based income

121,265


104,898


14,371


(13.5 %)

Total revenues from funds
    Gopher/Olive manages

1,250,480


1,141,622


156,401


(8.7 %)

Total revenues

3,317,821


2,621,334


359,121


(21.0 %)

Less: VAT related surcharges 

(23,125)


(20,352)


(2,788)


(12.0 %)

Net revenues

3,294,696


2,600,982


356,333


(21.1 %)

Operating costs and expenses:








Compensation and benefits








    Relationship manager
    compensation

(655,460)


(562,523)


(77,065)


(14.2 %)

Others

(801,293)


(786,928)


(107,809)


(1.8 %)

Total compensation and
    benefits

(1,456,753)


(1,349,451)


(184,874)


(7.4 %)

Selling expenses

(485,778)


(269,038)


(36,858)


(44.6 %)

General and administrative
    expenses 

(275,727)


(296,751)


(40,655)


7.6 %

Reversal of (provision for)
    credit losses

7,028


(23,882)


(3,272)


N.A.

Other operating expenses 

(112,506)


(93,210)


(12,770)


(17.2 %)

Government grants 

126,955


65,239


8,938


(48.6 %)

Total operating costs and
    expenses 

(2,196,781)


(1,967,093)


(269,491)


(10.5 %)

Income from operations 

1,097,915


633,889


86,842


(42.3 %)

Other income (expense):








    Interest income 

161,926


155,751


21,338


(3.8 %)

    Investment (loss) income 

(61,486)


50,152


6,871


N.A.

    Settlement reversal

-


12,454


1,706


N.A.

    Contingent litigation reversal

-


14,000


1,918


N.A.

    Other income

10,892


1,359


186


(87.5 %)

Total other income 

111,332


233,716


32,019


109.9 %









Income before taxes and
    income from equity in affiliates

1,209,247


867,605


118,861


(28.3 %)

Income tax expense

(262,360)


(268,591)


(36,797)


2.4 %

Income (loss) from equity in
    affiliates

54,128


(112,010)


(15,345)


N.A.

Net income 

1,001,015


487,004


66,719


(51.3 %)

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

(8,479)


11,559


1,584


N.A.

Net income attributable to
    Noah shareholders 

1,009,494


475,445


65,135


(52.9 %)









Income per ADS, basic

14.53


6.78


0.93


(53.3 %)

Income per ADS, diluted

14.53


6.75


0.92


(53.5 %)









Margin analysis:








Operating margin

33.3 %


24.4 %


24.4 %



Net margin

30.4 %


18.7 %


18.7 %











Weighted average ADS
    equivalent[1]:








Basic

69,473,972


70,169,529


70,169,529



Diluted

69,484,516


70,470,251


70,470,251



ADS equivalent outstanding at
    end of period

65,261,465


66,078,707





























[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one
ADSs.








 

 

Noah Holdings Limited


Condensed Comprehensive Income Statements


(unaudited)



Three months ended 





December 31,


December 31,


December 31,


Change


2023


2024


2024




RMB'000


RMB'000


USD'000



Net income

213,340


113,681


15,574


(46.7 %)

Other comprehensive (loss) income, net of
tax:








    Foreign currency translation adjustments

 

(68,333)


 

121,470


 

16,641


N.A.

Comprehensive income

145,007


235,151


32,215


62.2 %

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

 

 

(3,287)


 

 

3,918


 

 

537


N.A.

Comprehensive income attributable to Noah
shareholders

 

148,294


 

231,233


 

31,678


55.9 %

 

 

Noah Holdings Limited

Condensed Comprehensive Income Statements

(Audited)


Twelve months ended 


December 31,


December 31,


December 31,


Change


2023


2024


2024




RMB'000


RMB'000


USD'000



Net income 

1,001,015


487,004


66,719


(51.3 %)

Other comprehensive income, net of
tax:








    Foreign currency translation
    adjustments

76,990


112,131


15,362


45.6 %

Comprehensive income

1,078,005


599,135


82,081


(44.4 %)

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

(8,651)


11,758


1,611


N.A.

Comprehensive income attributable to
Noah shareholders

1,086,656


587,377


80,470


(45.9 %)

 

 

 

Noah Holdings Limited

Supplemental Information

(unaudited)




As of





December 31,


December 31,


Change



2023


2024










Number of registered clients 


455,827


462,049


1.4 %










Three months ended





December 31,


December 31,


Change



2023


2024





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

Number of active clients


9,033


8,862


(1.9 %)

Transaction value:







    Private equity products


717


1,255


74.9 %

    Private secondary products


4,153


4,732


14.0 %

    Mutual fund products


10,901


9,810


(10.0 %)

    Other products


764


454


(40.6 %)

Total transaction value


16,535


16,251


(1.7 %)










Twelve months ended





December 31,


December 31,


Change



2023


2024





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

Number of active clients


22,453


17,210


(23.4 %)

Transaction value:







    Private equity products


3,330


4,775


43.4 %

    Private secondary products


18,403


16,201


(12.0 %)

    Mutual fund products


47,837


39,573


(17.3 %)

    Other products


4,486


3,263


(27.3 %)

Total transaction value


74,056


63,811


(13.8 %)

 

 

Noah Holdings Limited

Segment Condensed Income Statements 

(unaudited) 




















         Three months ended December 31, 2024




















Domestic public securities


Domestic asset management


Domestic insurance


Overseas wealth management


Overseas asset management


Overseas insurance and comprehensive services


Headquarters


Total



RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


















Revenues:

















Revenues from others

















    One-time commissions


10,448


55


3,971


92,234


3,166


21,212


-


131,086

    Recurring service fees


92,505


41,895


-


7,237


16,887


-


209


158,733

    Performance-based income


29,740


4,908


-


-


176


-


-


34,824

    Other service fees


-


-


-


24,823


-


10,638


16,973


52,434

Total revenues from others


132,693


46,858


3,971


124,294


20,229


31,850


17,182


377,077

Revenues from funds Gopher/Olive manages

















    One-time commissions


2,889


-


-


1,000


429


-


-


4,318

    Recurring service fees


12,207


145,406


-


31,287


73,004


-


-


261,904

    Performance-based income


51


6,712


-


-


7,727


-


-


14,490

Total revenues from funds             Gopher/Olive manages 


15,147


152,118


-


32,287


81,160


-


-


280,712

Total revenues


147,840


198,976


3,971


156,581


101,389


31,850


17,182


657,789

Less: VAT related surcharges 


(1,605)


-271


(26)


-


-


-


(3,980)


(5,882)

Net revenues


146,235


198,705


3,945


156,581


101,389


31,850


13,202


651,907

Operating costs and expenses:

















  Compensation and benefits

















    Relationship managers 


(29,268)


(22,172)


(4,435)


(80,851)


(8,375)


(4,540)


-


(149,641)

    Others


(8,645)


(15,709)


(7,520)


(29,584)


(13,843)


(11,468)


(117,262)


(204,031)

 Total compensation and
    benefits


(37,913)


(37,881)


(11,955)


(110,435)


(22,218)


(16,008)


(117,262)


(353,672)

 Selling expenses


(2,689)


(3,493)


(1,100)


(26,829)


(3,545)


(5,036)


(36,185)


(78,877)

 General and administrative       expenses 


(535)


(5,022)


(2,963)


(2,314)


(1,322)


(3,497)


(57,830)


(73,483)

 Provision for credit losses


-


-


-


-


-


(1,912)


(16,982)


(18,894)

 Other operating expenses


(681)


(512)


(430)


-


-


(4,122)


(11,453)


(17,198)

 Government grants


8,689


6,135


470


-


-


-


12,497


27,791

 Total operating costs and     expenses 


(33,129)


(40,773)


(15,978)


(139,578)


(27,085)


(30,575)


(227,215)


(514,333)

Income (loss) from
operations 


113,106


157,932


(12,033)


17,003


74,304


1,275


(214,013)


137,574

 

 

 

Noah Holdings Limited

Segment Condensed Income Statements 

(Audited) 


Twelve months ended December 31, 2024





































Domestic public
securities


Domestic asset
management


Domestic
insurance


Overseas wealth
management


Overseas asset
management


Overseas insurance
and comprehensive
services


Headquarters


Total



RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


RMB'000


















Revenues:

















Revenues from others

















    One-time commissions


18,619


1,354


43,204


435,937


14,785


100,359


-


614,258

    Recurring service fees


365,992


188,545


-


22,694


52,952


-


1,322


631,505

    Performance-based income


38,058


4,908


-


-


4,875


-


-


47,841

    Other service fees


-


-


-


89,846


-


38,507


57,755


186,108

Total revenues from others


422,669


194,807


43,204


548,477


72,612


138,866


59,077


1,479,712

Revenues from funds Gopher/Olive manages

















    One-time commissions


13,358


-


-


5,551


2,379


-


-


21,288

    Recurring service fees


56,441


556,742


-


120,669


281,584


-


-


1,015,436

    Performance-based income


1,301


21,659


-


-


81,938


-


-


104,898

Total revenues from funds
    Gopher/Olive manages 


71,100


578,401


-


126,220


365,901


-


-


1,141,622

Total revenues


493,769


773,208


43,204


674,697


438,513


138,866


59,077


2,621,334

Less: VAT related surcharges 


(5,017)


(1,101)


(337)


-


-


-


(13,897)


-20,352

Net revenues


488,752


772,107


42,867


674,697


438,513


138,866


45,180


2,600,982

Operating costs and expenses:

















  Compensation and benefits

















    Relationship managers 


(128,189)


(71,316)


(53,904)


(294,973)


(3,730)


(10,411)


-


(562,523)

    Others


(42,730)


(80,182)


(41,280)


(154,506)


(55,104)


(46,253)


(366,873)


(786,928)

  Total compensation and
  benefits


(170,919)


(151,498)


(95,184)


(449,479)


(58,834)


(56,664)


(366,873)


(1,349,451)

  Selling expenses


(8,429)


(10,574)


(5,599)


(106,175)


(22,321)


(12,177)


(103,763)


(269,038)

  General and administrative
    expenses 


(2,012)


(12,807)


(23,696)


(13,589)


(3,759)


(7,307)


(233,581)


(296,751)

  Provision for credit losses


(88)


(10,083)


-


-


-


(7,307)


(6,404)


(23,882)

  Other operating expenses


(1,771)


(23,829)


(449)


-


-


(9,944)


(57,217)


(93,210)

  Government grants


13,448


10,796


479


-


-


-


40,516


65,239

Total operating costs and
    expenses 


(169,771)


(197,995)


(124,449)


(569,243)


(84,914)


(93,399)


(727,322)


(1,967,093)

Income (loss) from operations 


318,981


574,112


(81,582)


105,454


353,599


45,467


(682,142)


633,889

 

 

Noah Holdings Limited

Segment Condensed Income Statements

 (unaudited)  


Three months ended December 31, 2024


Wealth Management

 Business


Asset Management

Business


Other Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Revenues from others








One-time commissions

131,086


-


-


131,086

Recurring service fees

158,733


-


-


158,733

Performance-based income

34,824


-


-


34,824

Other service fees

40,451


-


11,983


52,434

Total revenues from others

365,094


-


11,983


377,077

Revenues from funds Gopher/Olive
manages








One-time commissions

3,422


896


-


4,318

Recurring service fees

91,264


170,640


-


261,904

Performance-based income

-


14,490


-


14,490

Total revenues from funds
Gopher/Olive manages

 

94,686


 

186,026


-


 

280,712

Total revenues

459,780


186,026


11,983


657,789

Less: VAT related surcharges

(2,397)


(271)


(3,214)


(5,882)

Net revenues

457,383


185,755


8,769


651,907

Operating costs and expenses:








Compensation and benefits








Relationship managers

(140,276)


(9,365)


-


(149,641)

Others

(136,829)


(56,279)


(10,923)


(204,031)

Total compensation and benefits

(277,105)


(65,644)


(10,923)


(353,672)

Selling expenses

(56,588)


(10,871)


(11,418)


(78,877)

General and administrative
expenses

(41,706)


(20,334)


(11,443)


(73,483)

Provision for credit losses

(15,724)


(577)


(2,593)


(18,894)

Other operating expenses

(13,576)


(465)


(3,157)


(17,198)

Government grants

21,645


6,135


11


27,791

Total operating costs and expenses

(383,054)


(91,756)


(39,523)


(514,333)

Income (loss) from operations

74,329


93,999


(30,754)


137,574

 

 

Noah Holdings Limited

Segment Condensed Income Statements

 (unaudited) 



Three months ended December 31, 2023


Wealth Management

 Business


Asset Management

Business


Other Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Revenues from others








One-time commissions

303,460


-


-


303,460

Recurring service fees

167,109


-


-


167,109

Performance-based income

146


-


-


146

Other service fees

50,644


-


8,600


59,244

Total revenues from others

521,359


-


8,600


529,959

Revenues from funds Gopher manages








One-time commissions

4,350


105


-


4,455

Recurring service fees

87,399


174,964


-


262,363

Performance-based income

-


11,762


-


11,762

Total revenues from funds Gopher
manages

 

91,749


 

186,831


-


 

278,580

Total revenues

613,108


186,831


8,600


808,539

Less: VAT related surcharges

(2,778)


(650)


(5,603)


(9,031)

Net revenues

610,330


186,181


2,997


799,508

Operating costs and expenses:








Compensation and benefits








Relationship managers

(132,666)


(8,007)


-


(140,673)

Others

(127,236)


(24,783)


(8,058)


(160,077)

Total compensation and benefits

(259,902)


(32,790)


(8,058)


(300,750)

Selling expenses

(119,891)


(27,974)


(9,534)


(157,399)

General and administrative
expenses

(63,627)


(27,058)


(7,952)


(98,637)

Provision for (reversal of) credit
losses

(2,897)


(1,429)


5,351


1,025

Other operating expenses

(15,790)


(1,562)


(8,297)


(25,649)

Government grants

2,502


124


-


2,626

Total operating costs and expenses

(459,605)


(90,689)


(28,490)


(578,784)

Income (loss) from operations

150,725


95,492


(25,493)


220,724

 

 

 

Noah Holdings Limited

Segment Condensed Income Statements 

 (Audited) 


         Twelve months ended December 31, 2024



Wealth Management


Asset Management


Other 


Total



 Business


Business


Businesses





RMB'000


RMB'000


RMB'000


RMB'000










Revenues:









Revenues from others









    One-time commissions


614,258


-


-


614,258

    Recurring service fees


631,505


-


-


631,505

    Performance-based income


47,841


-


-


47,841

    Other service fees


141,631


-


44,477


186,108

Total revenues from others


1,435,235


-


44,477


1,479,712

Revenues from funds Gopher/Olive
manages









    One-time commissions


20,110


1,178


-


21,288

    Recurring service fees


351,998


663,438


-


1,015,436

    Performance-based income


1,089


103,809


-


104,898

Total revenues from funds
    Gopher/Olive manages 


373,197


768,425


-


1,141,622

Total revenues


1,808,432


768,425


44,477


2,621,334

Less: VAT related surcharges 


(7,726)


(1,081)


(11,545)


-20,352

Net revenues


1,800,706


767,344


32,932


2,600,982

Operating costs and expenses:









  Compensation and benefits









    Relationship managers 


(531,172)


(31,351)


-


(562,523)

    Others


(534,031)


(213,668)


(39,229)


(786,928)

  Total compensation and benefits


(1,065,203)


(245,019)


(39,229)


(1,349,451)

  Selling expenses


(195,830)


(46,811)


(26,397)


(269,038)

  General and administrative
    expenses 


(184,688)


(70,795)


(41,268)


(296,751)

  Provision for (reversal of) credit
    losses


(22,157)


(3,698)


1,973


(23,882)

  Other operating expenses


(43,107)


(23,948)


(26,155)


(93,210)

  Government grants


54,324


10,797


118


65,239

Total operating costs and expenses 


(1,456,661)


(379,474)


(130,958)


(1,967,093)

Income (loss) from operations 


344,045


387,870


(98,026)


633,889

 

 

Noah Holdings Limited

Segment Condensed Income Statements 

 (Audited) 


         Twelve months ended December 31, 2023



Wealth Management


Asset Management


Other 


Total



 Business


Business


Businesses





RMB'000


RMB'000


RMB'000


RMB'000










Revenues:









Revenues from others









    One-time commissions


1,072,838


-


-


1,072,838

    Recurring service fees


707,580


-


-


707,580

    Performance-based income


16,344


-


-


16,344

    Other service fees


221,917


-


48,662


270,579

Total revenues from others


2,018,679


-


48,662


2,067,341

Revenues from funds Gopher
manages









    One-time commissions


13,732


2,633


-


16,365

    Recurring service fees


398,226


714,624


-


1,112,850

    Performance-based income


69,977


51,288


-


121,265

Total revenues from funds Gopher
    manages 


481,935


768,545


-


1,250,480

Total revenues


2,500,614


768,545


48,662


3,317,821

Less: VAT related surcharges 


(9,365)


(2,374)


(11,386)


(23,125)

Net revenues


2,491,249


766,171


37,276


3,294,696

Operating costs and expenses:









  Compensation and benefits









    Relationship managers 


(631,082)


(24,378)


-


(655,460)

    Others


(544,804)


(224,308)


(32,181)


(801,293)

 Total compensation and benefits


(1,175,886)


(248,686)


(32,181)


(1,456,753)

 Selling expenses


(370,861)


(88,827)


(26,090)


(485,778)

 General and administrative
  expenses 


(193,248)


(59,367)


(23,112)


(275,727)

 Provision for (reversal of) credit
  losses


(910)


(921)


8,859


7,028

 Other operating expenses


(44,042)


(3,348)


(65,116)


(112,506)

 Government grants


103,597


21,638


1,720


126,955

 Total operating costs and expenses 


(1,681,350)


(379,511)


(135,920)


(2,196,781)

Income (loss) from operations 


809,899


386,660


(98,644)


1,097,915

 

 

Noah Holdings Limited

Supplement Revenue Information by Geography

 (unaudited)


Three months ended December 31, 2024


Wealth Management

 Business


Asset Management

Business


Other Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Mainland China

252,351


103,635


11,983


367,969

Overseas

207,429


82,391


-


289,820

Total revenues

459,780


186,026


11,983


657,789

 

 

Noah Holdings Limited

Supplement Revenue Information by Geography 

 (unaudited) 









         Three months ended December 31, 2023


Wealth Management


Asset Management


Other 


Total


 Business


Business


Businesses




RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








    Mainland China

262,775


110,975


8,600


382,350

    Overseas

350,333


75,856


-


426,189

Total revenues

613,108


186,831


8,600


808,539

 

 

 

Noah Holdings Limited

Supplement Revenue Information by Geography 

 (Audited) 









         Twelve months ended December 31, 2024


Wealth Management


Asset Management


Other


Total


 Business


Business


 Businesses




RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








    Mainland China

932,127


392,654


44,477


1,369,258

    Overseas

876,305


375,771


-


1,252,076

Total revenues

1,808,432


768,425


44,477


2,621,334

 

 

Noah Holdings Limited

Supplement Revenue Information by Geography 

 (Audited) 

















         Twelve months ended December 31, 2023


Wealth Management


Asset Management


Other 


Total


 Business


Business


Businesses




RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








    Mainland China

1,366,538


469,193


48,662


1,884,393

    Overseas

1,134,076


299,352


-


1,433,428

Total revenues

2,500,614


768,545


48,662


3,317,821

 

 

Noah Holdings Limited

Supplement Revenue Information by Product Types

 (unaudited) 










Three months ended 





December 31,


December 31, 


Change



2023


2024





(in thousands of RMB, except percentages)








Mainland China: 







    Public securities
    products [1]


121,133


147,840


22.0 %

    Private equity products


196,088


198,976


1.5 %

    Insurance products


49,673


3,971


(92.0 %)

    Others


15,456


17,182


11.2 %

    Subtotal


382,350


367,969


(3.8 %)








Overseas: 







    Investment products [2]


131,016


140,621


7.3 %

    Insurance products


248,027


106,058


(57.2 %)

    Online business [3]


3,218


9,782


204.0 %

    Others


43,928


33,359


(24.1 %)

    Subtotal


426,189


289,820


(32.0 %)

Total revenues


808,539


657,789


(18.6 %)

 

[1] Includes mutual funds and private secondary products.

[2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate products and private credit products.

[3] Includes money market mutual fund products, securities brokerage business.

 

Noah Holdings Limited

Supplement Revenue Information by Product Types

 (unaudited) 










Twelve months ended 





December 31,


December 31, 


Change



2023


2024





(in thousands of RMB, except percentages)








Mainland China: 







    Public securities
    products [1]

568,104


493,769


(13.1 %)

    Private equity products

865,798


773,208


(10.7 %)

    Insurance products


371,863


43,204


(88.4 %)

    Others


78,628


59,077


(24.9 %)

    Subtotal


1,884,393


1,369,258


(27.3 %)








Overseas: 







    Investment products [2]

589,138


598,578


1.60 %

    Insurance products


642,404


501,799


(21.9 %)

    Online business [3]


9,195


30,032


226.60 %

    Others


192,691


121,667


(36.9 %)

    Subtotal


1,433,428


1,252,076


(12.7 %)

Total revenues


3,317,821


2,621,334


(21.0 %)

 

[1] Includes mutual funds and private secondary products.

[2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate products and private credit products.

[3] Includes money market mutual fund products, securities brokerage business.

 

Noah Holdings Limited

Supplement Information of Overseas Business

 (unaudited) 








Three months ended 


December 31,


December 31, 


Change


2023


2024















Net Revenues from Overseas
(RMB, million)

426.2


289.8


(32.0 %)

Number of Overseas
    Registered Clients

14,929


17,654


18.3 %

Number of Overseas Active
    Clients

2,517


2,914


15.8 %

Transaction Value of
    Overseas Investment
    Products (RMB, billion)

5.9


7.1


20.3 %

Number of Overseas
    Relationship Managers 

89


138


55.1 %

Overseas Assets Under
    Management (RMB,
    billion)

36


42.6


18.3 %

 

 

 

Noah Holdings Limited

Supplement Information of Overseas Business

 (unaudited) 








Twelve months ended 






December 31,


December 31, 


Change


2023


2024















Net Revenues from Overseas
(RMB, million)

1,433.4


1,252.1


(12.7 %)

Number of Overseas
    Registered Clients

14,929


17,654


18.3 %

Number of Overseas Active
    Clients

4,629


5,544


19.8 %

Transaction Value of
    Overseas Investment
    Products (RMB, billion)

23.8


31.1


30.7 %

Number of Overseas
    Relationship Managers 

89


138


55.1 %

Overseas Assets Under
    Management (RMB,
    billion)

36.0


42.6


18.3 %

 

 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)


Three months ended


December 31,


December 31,


Change


2023


2024




RMB'000


RMB'000









Net income attributable to Noah shareholders

216,530


109,751


(49.3 %)

Adjustment for share-based compensation 

21,935


30,705


40.0 %

Adjustment for settlement expense reversal

-


(978)


N.A.

Less: tax effect of adjustments

4,740


7,030


48.3 %

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

233,725


132,448


(43.3 %)







Net margin attributable to Noah shareholders

27.1 %


16.8 %



Non-GAAP net margin attributable to Noah shareholders

29.2 %


20.3 %









Net income attributable to Noah shareholders per ADS,
    diluted

3.12


1.55


(50.3 %)

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

3.36


1.87


(44.3 %)

 

 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

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

(unaudited)


Twelve months ended





December 31


December 31


Change


2023


2024




RMB'000


RMB'000









Net income attributable to Noah shareholders

1,009,494


475,445


(52.9 %)

Adjustment for share-based compensation 

11,530


109,030


845.6 %

Adjustment for settlement expense reversal

-


(12,454)


N.A.

Less: tax effect of adjustments

2,220


21,836


883.6 %

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

1,018,804


550,185


(46.0 %)







Net margin attributable to Noah shareholders

30.6 %


18.3 %



Non-GAAP net margin attributable to Noah shareholders

30.9 %


21.2 %









Net income attributable to Noah shareholders per ADS,
    diluted

14.53


6.75


(53.5 %)

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

14.66


7.81


(46.7 %)

 

 

 

Cision View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-fourth-quarter-2024-and-audited-financial-results-for-full-year-2024-302411162.html

SOURCE Noah Holdings Limited

FAQ

What caused Noah Holdings (NOAH) revenue decline in Q4 2024?

NOAH's Q4 2024 revenue declined 18.5% due to decreased distribution of insurance products, particularly in overseas markets where revenues fell 32%.

How much dividend will NOAH shareholders receive for 2024?

NOAH announced a combined annual and special dividend totaling RMB550 million, equal to 100% of 2024 non-GAAP net income.

What is NOAH's total assets under management as of Q4 2024?

NOAH maintained stable assets under management at RMB151.5 billion (US$20.8 billion) as of December 31, 2024.

How did NOAH's overseas business perform in 2024?

NOAH's overseas business showed growth with registered clients up 18.3% to 17,654, and overseas investment products distribution increased 30.7% to RMB31.1 billion.
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