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

SHANGHAI, May 12, 2022 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), 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 first quarter of 2022.

FIRST QUARTER 2022 FINANCIAL HIGHLIGHTS

  • Net revenues for the first quarter of 2022 were RMB795.7 million (US$125.5 million), a 35.0% decrease from the corresponding period in 2021, and a 36.9% decrease from the fourth quarter of 2021, mainly due to decreases in one-time commissions and performance-based incomes.

(RMB millions,

except percentages)

Q1 2021



Q1 2022



YoY Change

Wealth management

946.4



578.5



(38.9%)

Asset management

270.0



200.6



(25.7%)

Other businesses

8.3



16.6



101.1%

Total net revenues

1,224.7



795.7



(35.0%)

  • Income from operations for the first quarter of 2022 was RMB313.8 million (US$49.5 million), a 37.5% decrease from the corresponding period in 2021, due to the decreased net revenues for the first quarter of 2022, but a 137.2% increase from the fourth quarter of 2021, due to less expenses and provision of credit losses incurred, which is partially offset by a decrease in net revenues.

(RMB millions,

except percentages)

Q1 2021



Q1 2022



YoY Change

Wealth management

418.1



235.4



(43.7%)

Asset management

114.5



93.9



(18.0%)

Other businesses

(30.2)



(15.5)



(48.7%)

Total income from operations

502.4



313.8



(37.5%)

  • Net income attributable to Noah shareholders for the first quarter of 2022 was RMB305.2 million (US$48.2 million), a 32.8% decrease from the corresponding period in 2021, but an 8.5% increase from the fourth quarter of 2021.
  • Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2022 was RMB313.5 million (US$49.5 million), a 32.1% decrease from the corresponding period in 2021, but an 8.2% increase from the fourth quarter of 2021.

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

FIRST 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. We primarily distribute private equity, private secondary, mutual funds and other products denominated in RMB and other currencies.

  • Total number of registered clients as of March 31, 2022 was 415,082, an 8.1% increase from March 31, 2021, and a 0.8% increase from December 31, 2021.
  • Total number of active clients[2], which excluded mutual fund-only clients during the first quarter of 2022 was 2,818, a 55.3% decrease from the first quarter of 2021, and a 21.2% decrease from the fourth quarter of 2021. Including mutual fund-only clients, the number of clients who transacted with us during the first quarter of 2022 was 14,970, a 46.2% decrease from the first quarter of 2021, and a 14.2% decrease from the fourth quarter of 2021. The decreases were mainly related to the adverse performance of secondary market in the first quarter.
  • Aggregate value of investment products distributed during the first quarter of 2022 was RMB15.0 billion (US$2.4 billion), a 44.6% decrease from the first quarter of 2021, primarily due to a 68.7%, 33.2% and 17.8% decrease of private secondary products, private equity products and mutual fund products, respectively. The aggregate value decreased by 28.7% compared with the fourth quarter of 2021, due to a 39.5% and 30.3% decrease of private secondary products and mutual fund products, respectively and partially offset by a 4.6% increase of private equity products.

Product type

Three months ended March 31,


2021


2022


(RMB in billions, except percentages)

Mutual fund products

8.6


31.9%


7.1


47.4%

Private secondary products 

12.9


47.5%


4.0


26.9%

Private equity products

4.8


17.6%


3.2


21.2%

Other products[3]

0.8


3.0%


0.7


4.5%

All products

27.1


100.0%


15.0


100.0%

  • Coverage network in mainland China covered 83 cities as of March 31, 2022, compared with 82 cities as of March 31, 2021 and 84 cities as of December 31, 2021.
  • Number of relationship managers was 1,281 as of March 31, 2022, a 2.8% increase from March 31, 2021, but a 2.7% decrease from December 31, 2021.

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

[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, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. 

  • Total assets under management as of March 31, 2022 remained relatively stable in the amount of RMB156.1 billion (US$24.6 billion), a 1.3% increase from March 31, 2021.

Investment type

As of 
December 31, 
2021



Growth


Allocation/ 
Redemption


As of
March 31, 
2022


(RMB billions, except percentages)

Private equity

130.9


83.9%


4.8


3.0


132.7


85.0%

Public securities[4]

11.2


7.2%


0.1


0.9


10.4


6.6%

Real estate

6.6


4.3%


0.6


1.0


6.2


4.1%

Multi-strategies

5.9


3.8%


-


0.5


5.4


3.4%

Others

1.4


0.8%


-


-


1.4


0.9%

All Investments

156.0


100.0%


5.5


5.4


156.1


100.0%



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

Other Businesses

Our other businesses segment has been transitioned to "Noah Digital International", and to provide more comprehensive services and investment products to our clients.

Ms. Jingbo Wang, co-founder and CEO of Noah, said, "In the first quarter of 2022, I am happy to see the number of our core clients, diamond and black card, continued to grow at 7.3% and 30.6% year-on-year respectively amid volatile market environment, showing the effectiveness of our client-centric reform. Despite weaker transaction value in mutual funds and private secondary products, which is in line with the market trend, and thanks to the sophistication of our clients and our investor education efforts, we allocated 4.6% more long-duration private equity products in the quarter compared with the fourth quarter of 2021. With the successful implementation of our new compensation scheme in 2021, as well as strict cost control and strategic investment, our operating margin restored to nearly 40% in the first quarter. We are mindful of the global macro outlook and the impact of the recent COVID-19 lockdowns in China, and recommend our clients to adopt a Protection before Growth strategy in 2022, by reevaluating and proactively rebalancing the asset allocation to construct a well-positioned portfolio that is safe and effective. We remain confident in the resilience of Chinese economy, the growth of the wealth management and asset management industries here, as well as the support from our clients, and hope to meet the full-year non-GAAP net income guidance that we published in the last earnings release."

FIRST QUARTER 2022 FINANCIAL RESULTS

Net Revenues

Net revenues for the first quarter of 2022 were RMB795.7 million (US$125.5 million), a 35.0% decrease from the corresponding period in 2021, primarily due to decreases in one-time commissions and performance-based income, partially offset by increases in recurring service fees and other service fees.

- Wealth Management Business

  • Net revenues from one-time commissions for the first quarter of 2022 were RMB92.6 million (US$14.6 million), a 68.4% decrease from the corresponding period in 2021, primarily due to a 68.7% decrease in transaction value of private secondary products that we distributed.
  • Net revenues from recurring service fees for the first quarter of 2022 were RMB310.8 million (US$49.0 million), a 0.9% decrease from the corresponding period in 2021.
  • Net revenues from performance-based income for the first quarter of 2022 were RMB156.0 million (US$24.6 million), compared with RMB325.6 million in the corresponding period of 2021. The decrease was primarily due to less performance-based income that were shared from private secondary products providers.
  • Net revenues from other service fees for the first quarter of 2022 were RMB19.0 million (US$3.0 million), compared with RMB13.9 million in the corresponding period in 2021, primarily due to more value-added services we offered to our high net worth clients.

- Asset Management Business

  • Net revenues from one-time commissions for the first quarter of 2022 was RMB9.2 million (US$1.5 million), a 69.1% decrease from the corresponding period in 2021 due to less private equity products sold.
  • Net revenues from recurring service fees for the first quarter of 2022 were RMB173.3 million (US$27.3 million), a 7.5% increase from the corresponding period in 2021 due to increase in assets under management.
  • Net revenues from performance-based income for the first quarter of 2022 were RMB18.1 million (US$2.9 million), compared with RMB77.5 million in the corresponding period of 2021. The decrease was primarily due to less performance-based income realized from private equity products.

- Other Businesses

  • Net revenues for the first quarter of 2022 were RMB16.6 million (US$2.6 million), compared with RMB8.3 million from the corresponding period in 2021.

Operating Costs and Expenses

Operating costs and expenses for the first quarter of 2022 were RMB481.9 million (US$76.0 million), a 33.3% decrease from the corresponding period in 2021. Operating costs and expenses primarily consisted of compensation and benefits of RMB357.9 million (US$56.5 million), selling expenses of RMB59.9 million (US$9.5 million), general and administrative expenses of RMB58.2 million (US$9.2 million), reversal of provision of credit losses of RMB9.2 million (US$1.5 million) and other operating expenses of RMB29.6 million (US$4.7 million).

  • Operating costs and expenses for the wealth management business for the first quarter of 2022 were RMB343.1 million (US$54.1 million), a 35.1% decrease from the corresponding period in 2021, primarily due to less relationship manager compensation relating to transaction value of investment products distributed and less selling, general and administrative expenses incurred.
  • Operating costs and expenses for the asset management business for the first quarter of 2022 were RMB106.7 million (US$16.8 million), a 31.4% decrease from the corresponding period in 2021, primarily due to less performance fee compensation as well as less selling, general and administrative expenses incurred.
  • Operating costs and expenses for other businesses for the first quarter of 2022 were RMB32.1 million (US$5.1 million), a 16.6% decrease from the corresponding period in 2021, primarily due to less compensation and benefits.

Operating Margin

Operating margin for the first quarter of 2022 was 39.4%, compared with 41.0% for the corresponding period in 2021.

  • Operating margin for the wealth management business for the first quarter of 2022 was 40.7%, compared with 44.2% for the corresponding period in 2021.
  • Operating margin for the asset management business for the first quarter of 2022 was 46.8%, compared with 42.4% for the corresponding period in 2021.
  • Loss from operation for the other businesses for the first quarter of 2022 was RMB15.5 million (US$2.4 million), compared with an operating loss of RMB30.2 million for the corresponding period in 2021, due to more revenues generated in the first quarter of 2022.

Investment Income

Investment income for the first quarter of 2022 was RMB25.4 million (US$4.0 million), compared with RMB34.4 million for the corresponding period in 2021.

Income Tax Expenses

Income tax expenses for the first quarter of 2022 were RMB77.3 million (US$12.2 million), a 40.4% decrease from the corresponding period in 2021. The decrease was primarily due to less taxable income. 

Net Income

- Net Income

  • Net income for the first quarter of 2022 was RMB304.2 million (US$48.0 million), a 32.8% decrease from the corresponding period in 2021.
  • Net margin for the first quarter of 2022 was 38.2%, up from 37.0% for the corresponding period in 2021.
  • Net income attributable to Noah shareholders for the first quarter of 2022 was RMB305.2 million (US$48.2 million), a 32.8% decrease from the corresponding period in 2021.
  • Net margin attributable to Noah shareholders for the first quarter of 2022 was 38.4%, up from 37.1% for the corresponding period in 2021.
  • Net income attributable to Noah shareholders per basic and diluted ADS for the first quarter of 2022 was RMB4.54 (US$0.72) and RMB4.52 (US$0.71), respectively, compared with RMB6.77 and RMB6.72 for the corresponding period in 2021, respectively.

- Non-GAAP Net Income Attributable to Noah Shareholders

  • Non-GAAP net income attributable to Noah shareholders for the first quarter of 2022 was RMB313.5 million (US$49.5 million), a 32.1% decrease from the corresponding period in 2021, but an 8.6% increase from the fourth quarter of 2021.
  • Non-GAAP net margin attributable to Noah shareholders for the first quarter of 2022 was 39.4%, up from 37.7% for the corresponding period in 2021.
  • Non-GAAP net income attributable to Noah shareholders per diluted ADS for the first quarter of 2022 was RMB4.65 (US$0.73), down from RMB6.84 for the corresponding period in 2021.

Balance Sheet and Cash Flow

As of March 31, 2022, the Company had RMB3,899.9 million (US$615.2 million) in cash and cash equivalents, compared with RMB3,404.6 million as of December 31, 2021 and RMB4,904.3 million as of March 31, 2021, respectively.

Net cash inflow from the Company's operating activities during the first quarter of 2022 was RMB501.2 million (US$79.1 million), primarily due to operating cash inflow generated by net income and collection of accounts receivables.

Net cash inflow from the Company's investing activities during the first quarter of 2022 was RMB9.3 million (US$1.5 million), primarily due to the collection of loans originated.

Net cash outflow from the Company's financing activities was RMB12.1 million (US$1.9 million) in the first quarter of 2022, primarily due to payment of assumed liability resulting from certain asset acquisition.

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 first quarter of 2022 unaudited financial results and recent business activities.

The conference call may be accessed with the following details:

 

Conference call details

Date/Time

 

Wednesday, May 11, 2022 at 8:00 p.m., U.S. Eastern Time

Thursday, May 12, 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 1Q22 Earnings Conference Call

Participant Password

8316018

A telephone replay will be available starting one hour after the end of the conference call until May 18, 2022 at +1-877-344-7529 (US Toll Free) or 1-412-317-0088 (International Toll). The replay access code is 9378127.

A live and archived webcast of the conference call will be available at Noah's investor relations website under the Announcements & Events section at ir.noahgroup.com.

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 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) 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. In the first quarter of 2022, Noah distributed RMB15.0 billion (US$2.4 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB156.1 billion (US$24.6 billion) as of March 31, 2022.

Noah's wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,281 relationship managers across 83 cities in mainland China, and serves the international investment needs of its clients through offices in Hong Kong, Taiwan, New York, Silicon Valley and Singapore. The Company's wealth management business had 415,082 registered clients as of March 31, 2022. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in Renminbi and other currencies. Noah 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 first quarter of 2022 ended March 31, 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 RMB6.3393 to US$1.00, the effective noon buying rate for March 31, 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. 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


December 31,


March 31, 


March 31, 


2021


2022


2022


RMB'000


RMB'000


USD'000

Assets







Current assets:








Cash and cash equivalents

3,404,603


3,899,892


615,193



Restricted cash

510


512


81



Short-term investments

92,803


64,347


10,150



Accounts receivable, net

808,029


396,485


62,544



Loans receivable, net

595,766


578,355


91,233



Amounts due from related parties

451,389


532,533


84,005



Other current assets 

163,710


170,813


26,945



Total current assets 

5,516,810


5,642,937


890,151


Long-term investments, net

668,572


699,174


110,292


Investment in affiliates

1,402,083


1,430,346


225,632


Property and equipment, net

2,580,935


2,544,521


401,388


Operating lease right-of-use assets, net

223,652


212,993


33,599


Deferred tax assets

335,905


335,911


52,989


Other non-current assets 

161,832


162,206


25,587

Total Assets

10,889,789


11,028,088


1,739,638







Liabilities and Equity







Current liabilities:








Accrued payroll and welfare expenses 

946,547


880,353


138,872



Income tax payable

190,260


236,915


37,372



Deferred revenues

63,631


79,970


12,615



Other current liabilities

649,255


518,214


81,746



Contingent liabilities

433,345


431,080


68,001



Total current liabilities

2,283,038


2,146,532


338,606


Operating lease liabilities, non-current

130,956


120,790


19,054


Deferred tax liabilities

234,134


232,848


36,731


Other non-current liabilities

100,020


83,931


13,240


Total Liabilities 

2,748,148


2,584,101


407,631


Equity

8,141,641


8,443,987


1,332,007

Total Liabilities and Equity

10,889,789


11,028,088


1,739,638

 

 

 

Noah Holdings Limited

Condensed Consolidated Income Statements

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

(unaudited)



Three months ended 


March 31,


March 31,


March 31,


Change


2021


2022


2022



Revenues:

RMB'000


RMB'000


USD'000



Revenues from others:








One-time commissions

278,704


81,154


12,802


(70.9%)

Recurring service fees

220,513


193,379


30,505


(12.3%)

Performance-based income

276,524


142,911


22,544


(48.3%)

Other service fees

23,713


38,760


6,114


63.5%

Total revenues from others

799,454


456,204


71,965


(42.9%)

Revenues from funds Gopher
manages:








One-time commissions

46,146


21,155


3,337


(54.2%)

Recurring service fees

256,697


293,052


46,228


14.2%

Performance-based income

128,556


32,067


5,058


(75.1%)

Total revenues from funds Gopher
manages

431,399


346,274


54,623


(19.7%)

Total revenues

1,230,853


802,478


126,588


(34.8%)

Less: VAT related surcharges 

(6,117)


(6,786)


(1,070)


10.9%

Net revenues

1,224,736


795,692


125,518


(35.0%)

Operating costs and expenses:








Compensation and benefits








Relationship manager
compensation

(206,872)


(109,995)


(17,351)


(46.8%)

Others

(375,253)


(247,910)


(39,107)


(33.9%)

Total compensation and benefits

(582,125)


(357,905)


(56,458)


(38.5%)

Selling expenses

(83,455)


(59,906)


(9,450)


(28.2%)

General and administrative
   expenses 

(80,285)


(58,207)


(9,182)


(27.5%)

(Provision for) reversal of credit
    losses

(3,407)


9,198


1,451


N.A.

Other operating expenses 

(27,088)


(29,635)


(4,675)


9.4%

Government subsidies 

54,014


14,558


2,296


(73.0%)

Total operating costs and
   expenses 

(722,346)


(481,897)


(76,018)


(33.3%)

Income from operations 

502,390


313,795


49,500


(37.5%)

Other income:








Interest income 

22,927


12,637


1,993


(44.9%)

Investment income 

34,361


25,373


4,002


(26.2%)

Other expense

(486)


(278)


(44)


(42.8%)

Total other income

56,802


37,732


5,951


(33.6%)

Income before taxes and income
   from equity in affiliates

559,192


351,527


55,451


(37.1%)

Income tax expense

(129,846)


(77,336)


(12,199)


(40.4%)

Income from equity in affiliates

23,513


30,020


4,736


27.7%

Net income

452,859


304,211


47,988


(32.8%)

Less: net loss attributable to non-
   controlling interests

(1,234)


 

(1,031)


 

(163)


 

(16.5%)

Net income attributable to Noah
   shareholders 

454,093


305,242


48,151


(32.8%)









Income per ADS, basic

6.77


4.54


0.72


(32.9%)

Income per ADS, diluted

6.72


4.52


0.71


(32.7%)









Margin analysis:








Operating margin

41.0%


39.4%


39.4%



Net margin

37.0%


38.2%


38.2%



Weighted average ADS
equivalent[1]:








Basic

67,091,780


67,235,270


67,235,270



Diluted

67,572,038


67,480,826


67,480,826



ADS equivalent outstanding at
   end of period

 

59,976,690


 

60,173,494


 

60,173,494












 

[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 




March 31,
2021


March 31,
2022


March 31,
2022


Change


RMB'000


RMB'000


USD'000



Net income

452,859


304,211


47,988


(32.8%)

Other comprehensive income, net of tax:








Foreign currency translation
adjustments

8,409


(9,148)


(1,443)


N.A.

Comprehensive income

461,268


295,063


46,545


(36.0%)

Less: Comprehensive loss attributable
          to non-controlling interests

(1,201)


(882)


(139)


(26.6%)

Comprehensive income attributable to
          Noah shareholders

462,469


295,945


46,684


 

(36.0%)










 

 

Noah Holdings Limited

Supplemental Information 

(unaudited) 



As of 




March 31, 
2021


March 31, 
2022


Change







Number of registered clients 

384,021


415,082


8.1%

Number of relationship managers 

1,246


1,281


2.8%

Number of cities under coverage in
    mainland China

82


83


1.2%
































Three months ended 




March 31,
2021


March 31, 
2022


Change


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

Number of active clients 

6,299


2,818


(55.3%)

Number of active clients including mutual
   fund-only clients

27,846


14,970


(46.2%)

Transaction value: 






Private equity products 

4,763


3,180


(33.2%)

Private secondary products

12,864


4,027


(68.7%)

Mutual fund products 

8,645


7,110


(17.8%)

Other products

820


679


(17.2%)

Total transaction value

27,092


14,996


(44.6%)


 

 

 

Noah Holdings Limited 

Segment Condensed Income Statements 

(unaudited) 



Three months ended March 31, 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

81,154


-


-


81,154

Recurring service fees

193,379


-


-


193,379

Performance-based income

142,911


-


-


142,911

Other service fees

19,113


-


19,647


38,760

Total revenues from others

436,557


-


19,647


456,204

Revenues from funds Gopher
manages:








One-time commissions

11,859


9,296


-


21,155

Recurring service fees

118,871


174,181


-


293,052

Performance-based income

13,868


18,199


-


32,067

Total revenues from funds Gopher
    manages

 

144,598


 

201,676


-


 

346,274

Total revenues

581,155


201,676


19,647


802,478

Less: VAT related surcharges 

(2,711)


(1,039)


(3,036)


(6,786)

Net revenues

578,444


200,637


16,611


795,692

Operating costs and expenses:








Compensation and benefits








Relationship manager
compensation

 

(99,688)


 

(10,307)


 

-


 

(109,995)

Other compensations

(148,135)


(89,517)


(10,258)


(247,910)

Total compensation and benefits

(247,823)


(99,824)


(10,258)


(357,905)

Selling expenses

(52,043)


(4,234)


(3,629)


(59,906)

General and administrative
    expenses 

 

(42,754)


 

(10,029)


 

(5,424)


 

(58,207)

(Provision for) reversal of credit
    losses

 

(603)


 

(227)


 

10,028


 

9,198

Other operating expenses

(5,516)


(1,270)


(22,849)


(29,635)

Government subsidies 

5,639


8,885


34


14,558

Total operating costs and expenses 

(343,100)


(106,699)


(32,098)


(481,897)

Income (loss) from operations

235,344


93,938


(15,487)


313,795


 

 

Noah Holdings Limited

Segment Condensed Income Statements

 (unaudited)

 

         Three months ended March 31, 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

278,463


241


-


278,704

Recurring service fees

219,319


1,194


-


220,513

Performance-based income

276,524


-


-


276,524

Other service fees

14,017


1,390


8,306


23,713

Total revenues from others

788,323


2,825


8,306


799,454

Revenues from funds Gopher
   manages:








One-time commissions

16,270


29,876


-


46,146

Recurring service fees

95,971


160,726


-


256,697

Performance-based income

50,726


77,830


-


128,556

Total revenues from funds Gopher
    manages

162,967


268,432


-


431,399

Total revenues

951,290


271,257


8,306


1,230,853

Less: VAT related surcharges

(4,838)


(1,229)


(50)


(6,117)

Net revenues

946,452


270,028


8,256


1,224,736

Operating costs and expenses:








Compensation and benefits








Relationship manager
compensation

 

(206,790)


 

(82)


 

-


 

(206,872)

Other compensations

(215,289)


(138,854)


(21,110)


(375,253)

Total compensation and benefits

(422,079)


(138,936)


(21,110)


(582,125)

Selling expenses

(66,827)


(12,001)


(4,627)


(83,455)

General and administrative expenses

 

(55,924)


 

(18,094)


 

(6,267)


 

(80,285)

Provision for credit losses

-


-


(3,407)


(3,407)

Other operating expenses

(22,083)


(1,805)


(3,200)


(27,088)

Government subsidies

38,596


15,283


135


54,014

Total operating costs and expenses

(528,317)


(155,553)


(38,476)


(722,346)

Income (loss) from operations

418,135


114,475


(30,220)


502,390

 

 



Noah Holdings Limited

Supplement Revenue Information for Segment

(unaudited)




Three months ended March 31, 2022


Wealth 
Management
Business


Asset 
Management
Business


Other
Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Mainland China

425,237


166,774


19,647


611,658

Hong Kong

90,431


11,991


-


102,422

Others

65,487


22,911


-


88,398

Total revenues

581,155


201,676


19,647


802,478






Three months ended March 31, 2021


Wealth 
Management
Business


Asset 
Management
Business


Other
Businesses


Total


RMB'000


RMB'000


RMB'000


RMB'000









Revenues:








Mainland China

697,471


187,621


8,306


893,398

Hong Kong

230,621


76,431


-


307,052

Others

23,198


7,205


-


30,403

Total revenues

951,290


271,257


8,306


1,230,853

 

 

 

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results 

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

(unaudited) [5]



Three months ended 





March 31, 


March 31, 


Change 



2021


2022





RMB'000


RMB'000











Net income attributable to Noah shareholders

454,093


305,242


(32.8%)


Adjustment for share-based compensation

10,144


10,846


6.9%


Less: Tax effect of adjustments

2,354


2,607


10.7%


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

461,883


313,481


(32.1%)









Net margin attributable to Noah shareholders

37.1%


38.4%




Non-GAAP net margin attributable to Noah
   shareholders

37.7%


 

39.4%











Net income attributable to Noah shareholders per
   ADS, diluted

6.72


 

4.52


 

(32.7%)


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

6.84


 

4.65


 

(32.0%)











[5]   Noah's Non-GAAP financial measures reflect the respective most directly comparable GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact, if any.

 

View original content:https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-first-quarter-of-2022-301544807.html


Source: Noah Holdings Limited Related Stocks: NYSE:NOAH
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