NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FOURTH QUARTER 2023 AND AUDITED FINANCIAL RESULTS FOR FULL YEAR 2023

SHANGHAI, March 27, 2024 /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 2023 and the audited financial results for the full year ended December 31, 2023.

FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS

Net revenues were RMB799.5 million (US$112.6 million), a 9.4% decrease from the corresponding period in 2022, mainly due to decreases in performance-based income generated from private equity products and recurring service fees generated from RMB private equity and private secondary products. The decreases were partially offset by a 13.8% increase in one-time commissions from more distribution of insurance products. On a sequential basis, net revenues increased by 6.6% driven by an increase in the distribution of insurance products.

(RMB millions,

except percentages)

Q4 2022

Q4 2023

YoY Change

Wealth management

646.9

610.3

(5.7 %)

Asset management

223.2

186.2

(16.6 %)

Other businesses

12.0

3.0

(74.9 %)

Total net revenues

882.1

799.5

(9.4 %)

Income from operations was RMB220.7 million (US$31.1 million), effectively flat when compared with the corresponding period in 2022 and a decrease of 11.3% sequentially, primarily due to an increase in marketing activities which was partially offset by a decrease in government grants. 

(RMB millions,

except percentages)

Q4 2022

Q4 2023

YoY Change

Wealth management

179.1

150.7

(15.9 %)

Asset management

93.5

95.5

2.0 %

Other businesses

(52.9)

(25.5)

(51.8 %)

Total income from operations

219.7

220.7

0.4 %

Net income attributable to Noah shareholders was RMB216.5 million (US$30.5 million), a 54.8% increase from the corresponding period in 2022, primarily due to a RMB99.0 million non-recurring contingent litigation expense recorded during the fourth quarter of 2022. Net income attributable to Noah shareholders decreased by 7.2% sequentially, primarily due to mark to market adjustments made to certain balance sheet investments. Non-GAAP[1] net income attributable to Noah shareholders was RMB233.7 million (US$32.9 million), an increase of 56.7% from the corresponding period in 2022 and 0.6% from the third quarter of 2023.

FULL YEAR 2023 FINANCIAL HIGHLIGHTS

Net revenues were RMB3,294.7 million (US$464.0 million), a 6.3% increase from 2022, primarily due to a 59.8% increase in one-time commissions from more distribution of insurance products which was partially offset by a 55.5% decrease in performance-based income.

(RMB millions,

except percentages)

FY  2022

FY  2023

YoY Change

Wealth management

2,200.0

2,491.2

13.2 %

Asset management

834.5

766.2

(8.2 %)

Other businesses

65.9

37.3

(43.5 %)

Total net revenues

3,100.4

3,294.7

6.3 %

Income from operations was RMB1,097.9 million (US$154.6 million), a 0.9% increase from 2022, mainly due to a 6.3% increase in net revenues which was partially offset by a 9.2% increase in total operating costs and expenses associated with the low base effect created by strict COVID-19 lockdowns in 2022.

(RMB millions,

except percentages)

FY  2022

FY  2023

YoY Change

Wealth management

741.4

809.9

9.2 %

Asset management

447.8

386.7

(13.7 %)

Other businesses

(100.8)

(98.6)

(2.2 %)

Total income from operations

1,088.4

1,097.9

0.9 %

Net income attributable to Noah shareholders was RMB1,009.5 million (US$142.2 million), a 3.4% increase from 2022, due to a 0.9% increase in income from operations and a RMB99.0 million non-recurring contingent litigation expense recorded in 2022. Non-GAAP net income attributable to Noah shareholders was RMB1,018.8 million (US$143.5 million), a 1.0% increase from 2022.

FOURTH QUARTER AND FULL YEAR 2023 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, 2023 was 455,827, a 4.2% increase from December 31, 2022 and a 0.8% increase from September 30, 2023. Total number of active clients[2] who transacted with Noah during the fourth quarter of 2023 was 9,033, a 30.0% decrease from the fourth quarter of 2022 and a 4.8% decrease from the third quarter of 2023. Total number of active clients who transacted with Noah in 2023 was 22,453, a 37.4% decrease from 2022. Aggregate value of investment products distributed during the fourth quarter of 2023 was RMB16.5 billion (US$2.3 billion), an 8.1% decrease from the corresponding period in 2022, mainly due to a decrease in the distribution of mutual fund products.

Product type

Three months ended December 31,

2022

2023

(RMB in billions, except percentages)

Mutual fund products

12.2

67.7 %

10.9

66.0 %

Private secondary products

3.4

18.7 %

4.2

25.1 %

Private equity products

1.4

8.0 %

0.7

4.3 %

Other products[3]

1.0

5.6 %

0.7

4.6 %

All products

18.0

100.0 %

16.5

100.0 %

Aggregate value of investment products distributed during 2023 was RMB74.1 billion (US$10.4 billion), a 5.4% increase from 2022, mainly due to an increase in the distribution of private secondary and mutual fund products.

Product type

Twelve months ended December 31,

2022

2023

(RMB in billions, except percentages)

Mutual fund products

43.1

61.4 %

47.9

64.6 %

Private secondary products

13.1

18.6 %

18.4

24.8 %

Private equity products

11.1

15.7 %

3.3

4.5 %

Other products

3.0

4.3 %

4.5

6.1 %

All products

70.3

100.0 %

74.1

100.0 %

Coverage network in mainland China included 44 cities as of December 31, 2023, compared with 59 cities as of September 30, 2023, and 75 cities as of December 31, 2022. Noah continues to streamline its presence in China with a focus on strengthening its operations in central hub cities. Number of relationship managers was 1,252 as of December 31, 2023, a decrease of 11.1% from September 30, 2023, and 1.9% from December 31, 2022. As of December 31, 2023, Noah had 89 overseas relationship managers, a 15.6% increase from September 30, 2023.

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 with global investment capabilities and overseas offices in Hong Kong and the United States. Gopher Asset Management develops and manages assets ranging from private equity, real estate, public securities to multi-strategy investments denominated in RMB, USD and other currencies. 

Total assets under management as of December 31, 2023 remained stable at RMB154.6 billion (US$21.8 billion), compared with RMB154.9 billion as of September 30, 2023 and RMB157.1 billion as of December 31, 2022.

Investment type

As ofSeptember 30,2023

Growth

Distribution/Redemption

As ofDecember 31,2023

(RMB billions, except percentages)

Private equity

131.7

85.0 %

0.5

–

132.2

85.5 %

Public securities[4]

12.2

7.9 %

2.9

3.6

11.5

7.4 %

Real estate

6.3

4.0 %

–

0.1

6.2

4.0 %

Multi-strategies

4.2

2.8 %

–

–

4.2

2.8 %

Others

0.5

0.3 %

–

–

0.5

0.3 %

All Investments

154.9

100.0 %

3.4

3.7

154.6

100.0 %

Investment type

As ofDecember 31,2022

Growth

Distribution/Redemption

As ofDecember 31,2023

(RMB billions, except percentages)

Private equity

133.1

84.7 %

2.1

3.0

132.2

85.5 %

Public securities

11.0

7.0 %

10.7

10.2

11.5

7.4 %

Real estate

6.8

4.3 %

0.4

1.0

6.2

4.0 %

Multi-strategies

4.8

3.1 %

–

0.6

4.2

2.8 %

Others

1.4

0.9 %

–

0.9

0.5

0.3 %

All Investments

157.1

100.0 %

13.2

15.7

154.6

100.0 %

Other Businesses

Noah’s other businesses mainly provide clients with additional comprehensive services and investment products. Operating results for other businesses also include headquarter rental income, depreciation and amortization, as well as operating expenses.

Ms. Jingbo Wang, co-founder and Chairwoman of Noah, said "Despite a very challenging year for capital markets, I am pleased to report that Noah generated growth in both net revenues and non-GAAP net income in 2023. We are starting the year on a strong footing, having spent the past few quarters repositioning ourselves to drive growth in this challenging market environment. The pace of our international expansion continues to increase as our clients’ demand for global asset allocation grows. During the year, overseas AUM grew 10.7%; overseas net revenue grew 73.0%; and overseas registered clients and active clients grew 14.2% and 38.0%, respectively. Our balance sheet is robust, clean and is generating sufficient capital to support Noah’s overseas expansion."

"Reflecting our ongoing effort to improve corporate governance, we split the CEO and Chairperson roles at the end of the year with the appointment of Mr. Yin Zhe as CEO. Zhe’s alignment with our values and culture, coupled with his instrumental role in building our Gopher Asset Management franchise, made him the ideal candidate. We have been working seamlessly together since he took on this new role and I have the upmost confidence in his ability to execute our growth initiatives going forward."

FOURTH QUARTER 2023 FINANCIAL RESULTS

Net Revenues

Net revenues for the fourth quarter of 2023 were RMB799.5 million (US$112.6 million), a 9.4% decrease from the corresponding period in 2022.

Wealth Management Business Net revenues from one-time commissions for the fourth quarter of 2023 were RMB306.4 million (US$43.2 million), a 15.1% increase from the corresponding period in 2022 driven by an increase in the distribution of insurance products. Net revenues from recurring service fees for the fourth quarter of 2023 were RMB253.4 million (US$35.7 million), a 20.5% decrease from the corresponding period in 2022, due to a shift in product mix and client investment preferences, as well as a decrease in recurring service fees generated from private secondary and private equity products. Net revenues from performance-based income for the fourth quarter of 2023 were RMB0.1 million, compared with RMB14.1 million in the corresponding period of 2022, primarily due to a decrease in performance-based income from private equity fund products. Net revenues from other service fees for the fourth quarter of 2023 were RMB50.4 million (US$7.1 million), a 4.9% increase from the corresponding period in 2022, primarily due to the growing number of value-added services Noah offers its high-net-worth clients. Asset Management Business Net revenues from recurring service fees for the fourth quarter of 2023 were RMB174.4 million (US$24.6 million), a 13.5% increase from the corresponding period in 2022, due to an increase in the number of real estate investments in the United States and offshore private equity investments managed by Gopher Asset Management. Net revenues from performance-based income for the fourth quarter of 2023 were RMB11.7 million (US$1.7 million), an 82.3% decrease from the corresponding period in 2022, primarily due to a decrease in performance-based income from private equity investments managed by Gopher Asset Management. Other Businesses Net revenues for the fourth quarter of 2023 were RMB3.0 million (US$0.4 million), compared with RMB12.0 million in the corresponding period in 2022, driven by the winding down of the Company’s loan portfolio.

Operating Costs and Expenses

Operating costs and expenses for the fourth quarter of 2023 were RMB578.8 million (US$81.5 million), a 12.6% decrease from the corresponding period in 2022. Operating costs and expenses primarily consisted of 1) compensation and benefits of RMB300.8 million (US$42.4 million); 2) selling expenses of RMB157.4 million (US$22.2 million); 3) general and administrative expenses of RMB98.6 million (US$13.9 million); 4) reversal of credit losses of RMB1.0 million (US$0.1 million); and 5) other operating expenses of RMB25.6 million (US$3.6 million).

Operating costs and expenses for the wealth management business for the fourth quarter of 2023 were RMB459.6 million (US$64.7 million), a 1.8% decrease from the corresponding period in 2022, primarily due to a 5.7% decrease in net revenues. Operating costs and expenses for the asset management business for the fourth quarter of 2023 were RMB90.7 million (US$12.8 million), a 30.0% decrease from the corresponding period in 2022, primarily due to a decrease in performance-based compensation. Operating costs and expenses for other businesses for the fourth quarter of 2023 were RMB28.5 million (US$4.0 million), a 56.1% decrease from the corresponding period in 2022, due to a decrease in recorded credit losses.

Operating Margin

Operating margin for the fourth quarter of 2023 was 27.6%, compared with 24.9% for the corresponding period in 2022.

Operating margin for the wealth management business for the fourth quarter of 2023 was 24.7%, compared with 27.7% for the corresponding period in 2022. Operating margin for the asset management business for the fourth quarter of 2023 was 51.3%, compared with 41.9% for the corresponding period in 2022. Loss from other businesses for the fourth quarter of 2023 was RMB25.5 million (US$3.6 million), compared with RMB52.9 million in the corresponding period of 2022, primarily due to a decrease in provisions for credit losses.

Investment Income/loss

Investment loss for the fourth quarter of 2023 was RMB53.6 million (US$7.5 million), compared with investment income of RMB62.2 million for the corresponding period in 2022, primarily due to unrealized losses from fair value changes on certain equity investments.

Income Tax Expenses

Income tax expenses for the fourth quarter of 2023 were RMB34.1 million (US$4.8 million), a 43.7% decrease from the corresponding period in 2022, primarily due to a lower effective tax rate.

Income from Equity in Affiliates

Income from equity in affiliates for the fourth quarter of 2023 was RMB52.8 million (US$7.4 million), compared with RMB12.3 million for the corresponding period in 2022. The increase was primarily due to an increase in income recognized from the funds of funds that Noah manages and invests in as the general partner or fund manager.

Net Income

Net Income Net income for the fourth quarter of 2023 was RMB213.3 million (US$30.0 million), a 51.8% increase from the corresponding period in 2022. Net margin for the fourth quarter of 2023 was 26.7%, an increase from 15.9% in the corresponding period in 2022. Net income attributable to Noah shareholders for the fourth quarter of 2023 was RMB216.5 million (US$30.5 million), a 54.8% increase from the corresponding period in 2022. Net margin attributable to Noah shareholders for the fourth quarter of 2023 was 27.1%, an increase from 15.9% in the corresponding period in 2022. Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2023 was RMB3.12 (US$0.44) and RMB3.12 (US$0.44), respectively, an increase from RMB2.01 and RMB2.01 respectively, in the corresponding period in 2022. Non-GAAP Net Income Attributable to Noah Shareholders Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2023 was RMB233.7 million (US$32.9 million), a 56.7% increase from the corresponding period in 2022. Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2023 was 29.2%, an increase from 16.9% in the corresponding period in 2022. Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2023 was RMB3.36 (US$0.47), an increase from RMB2.14 in the corresponding period in 2022.

FULL YEAR 2023 FINANCIAL RESULTS

Net Revenues

Net revenues for 2023 were RMB3,294.7 million (US$464.0 million), a 6.3% increase from 2022, primarily due to an increase in one-time commissions associated with Noah’s wealth management business. 

Wealth Management Business Net revenues from one-time commissions for 2023 were RMB1,082.4 million (US$152.5 million), a 72.2% increase from 2022, primarily due to an increase in the distribution of insurance products. Net revenues from recurring service fees for 2023 were RMB1,101.7 million (US$155.2 million), a 10.2% decrease from 2022, due to a shift in product mix and client investment preferences, as well as a decrease in recurring service fees generated from private secondary and private equity products. Net revenues from performance-based income for 2023 were RMB86.0 million (US$12.1 million), a 57.3% decrease from 2022, primarily due to a decrease in performance-based income from private secondary products. Net revenues from other service fees for 2023 were RMB221.1 million (US$31.1 million), a 54.1% increase from 2022, primarily due to the growing number of value-added services Noah offers to its high-net-worth clients. Asset Management Business Net revenues from recurring service fees for 2023 were RMB712.5 million (US$100.3 million), a 5.0% increase from 2022. Net revenues from performance-based income for 2023 were RMB51.1 million (US$7.2 million), a 52.1% decrease from 2022, primarily due to a decrease in performance-based income from private equity products. Other Businesses Net revenues for 2023 were RMB37.3 million (US$5.3 million), a 43.5% decrease from 2022.

Operating costs and expenses

Operating costs and expenses for 2023 were RMB2,196.8 million (US$309.4 million), a 9.2% increase from 2022. Operating costs and expenses for 2023 primarily consisted of 1) compensation and benefits of RMB1,456.8 million (US$205.2 million); 2) selling expenses of RMB485.8 million (US$68.4 million); 3) general and administrative expenses of RMB275.7 million (US$38.8 million); 4) reversal of credit losses of RMB7.0 million (US$1.0 million); and 5) other operating expenses of RMB112.5 million (US$15.8 million).

Operating costs and expenses for the wealth management business for 2023 were RMB1,681.4 million (US$236.8 million), a 15.3% increase from 2022, primarily due to an increase in compensation and benefits for relationship managers. Operating costs and expenses for the asset management business for 2023 were RMB379.5 million (US$53.5 million), a 1.8% decrease from 2022, primarily due to a decrease in performance-based compensation. Operating costs and expenses for other businesses for 2023 were RMB135.9 million (US$19.1 million), an 18.5% decrease from 2022, primarily due to a decrease in other operating expenses.

Operating Margin

Operating margin for 2023 was 33.3%, compared to 35.1% for 2022.

Operating margin for the wealth management business for 2023 was 32.5%, compared with 33.7% for 2022, mainly due to an increase in compensation and benefits for relationship managers. Operating margin for the asset management business for 2023 was 50.5%, compared with 53.7% for 2022. Loss from other businesses for 2023 was RMB98.6 million (US$13.9 million), compared with RMB100.8 million for 2022, due to a 43.5% decrease in net revenues. 

Investment Loss/Income

Investment loss for 2023 was RMB61.5 million (US$8.7 million), compared with investment income of RMB85.6 million for 2022.

Income Tax Expenses

Income tax expenses for 2023 were RMB262.4 million (US$37.0 million), a 1.8% decrease from 2022, primarily due to a lower effective tax rate.

Income from Equity in Affiliates

Income from equity in affiliates for 2023 was RMB54.1 million (US$7.6 million), compared with RMB89.1 million in 2022. The decrease was primarily due to a decrease in income recognized from the funds of funds that Noah manages and invests in as the general partner or fund manager.  

Net Income

Net Income Net income for 2023 was RMB1,001.0 million (US$141.0 million), a 3.0% increase from 2022. Net margin for 2023 was 30.4%, a decrease from 31.3% in 2022. Net income attributable to Noah shareholders for 2023 was RMB1,009.5 million (US$142.2 million), a 3.4% increase from 2022. Net margin attributable to Noah shareholders for 2023 was 30.6%, a decrease from 31.5% in 2022. Net income attributable to Noah shareholders per basic and diluted ADS for 2023 was RMB14.53 (US$2.05) and RMB14.53 (US$2.05), respectively, an increase from RMB14.29 and RMB14.28, respectively, in 2022. Non-GAAP Net Income Attributable to Noah Shareholders Non-GAAP net income attributable to Noah shareholders for 2023 was RMB1,018.8 million (US$143.5 million), a 1.0% increase from 2022. Non-GAAP net margin attributable to Noah shareholders for 2023 was 30.9%, a decrease from 32.5% in 2022. Non-GAAP net income attributable to Noah shareholders per diluted ADS for 2023 was RMB14.66 (US$2.07), a decrease from RMB14.75 in 2022.

BALANCE SHEET AND CASH FLOW

As of December 31, 2023, the Company had RMB5,192.1 million (US$731.3 million) in cash and cash equivalents, compared with RMB4,403.9 million as of December 31, 2022 and RMB4,959.6 million as of September 30, 2023.

Net cash inflow from the Company’s operating activities during the fourth quarter of 2023 was RMB152.5 million (US$21.5 million), compared with RMB33.0 million in the corresponding period in 2022, primarily due to a decrease in trading debt products in the fourth quarter of 2023. Net cash inflow from the Company’s operating activities in 2023 was RMB1,318.3 million (US$185.7 million), compared with RMB632.9 million in 2022.

Net cash inflow from the Company’s investing activities during the fourth quarter of 2023 was RMB226.8 million (US$31.9 million), compared with net cash inflow of RMB58.3 million in the corresponding period in 2022. Net cash outflow from the Company’s investing activities in 2023 was RMB247.1 million (US$34.8 million), compared to net cash inflow of RMB74.3 million in 2022, mainly due to cash payments on short term investments.

Net cash outflow from the Company’s financing activities was RMB94.0 million (US$13.2 million) in the fourth quarter of 2023, compared to net cash inflow of RMB8.0 million in the corresponding period in 2022. Net cash outflow from the Company’s financing activities in 2023 was RMB199.8 million (US$28.1 million), compared to net cash inflow of RMB233.8 million in 2022. The cash inflow in 2022 was mainly due to the net proceeds from the Company’s initial public offering and listing in Hong Kong while the cash outflow in 2023 was mainly due to final dividend payments.

ANNUAL AND SPECIAL DIVIDEND

On March 26, 2024, the Company’s Board of Directors (the "Board") approved an annual dividend of approximately RMB509.0 million (US$71.7 million) in total, which is equivalent to 50% of full year 2023 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 RMB509.0 million (US$71.7 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 2024.

CONFERENCE CALL 

The Company’s senior management will host an earnings conference call to discuss its Q4 and full year 2023 Results and recent business activities. Details of the conference call are as follows:

Zoom webinar details

Conference title

Noah Holdings 4Q and Full Year 2023 Earnings Conference Call

Date/Time

Tuesday, March 26, 2024 at 8:00 p.m., U.S. Eastern Time

Wednesday, March 27, 2024 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:

2326545

A telephone replay will be available starting approximately one hour after the end of the conference until April 2, 2024 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 1565571.

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 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. In 2023, Noah distributed RMB74.1 billion (US$10.4 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB154.6 billion (US$21.8 billion) as of December 31, 2023.

Noah’s wealth management business primarily distributes private equity, private secondary, mutual fund and other products denominated in RMB and other currencies. Noah’s network covers 44 cities in mainland China, as well as Hong Kong (China), Taiwan (China), New York, Silicon Valley and Singapore. A total of 1,252 relationship managers provide customized financial solutions for clients through this network, and meet their international investment needs. The Company’s wealth management business had 455,827 registered clients as of December 31, 2023. Through Gopher Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in Renminbi 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 2023 and audited financial results for the full year ended December 31, 2023 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 RMB7.0999 to US$1.00, the effective noon buying rate for December 29, 2023 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.

Contacts:

Noah Holdings LimitedMelo XiTel: +86-21-8035-8292ir@noahgroup.com

— FINANCIAL AND OPERATIONAL TABLES FOLLOW —

Noah Holdings Limited

Condensed Consolidated Balance Sheets

As of

September 30, 2023

December 31, 2023

December 31, 2023

(Unaudited)

(Audited)

(Audited)

RMB’000

RMB’000

USD’000

Assets

Current assets:

Cash and cash equivalents

4,959,550

5,192,127

731,296

Restricted cash

153,908

154,433

21,751

Short-term investments

407,872

379,456

53,445

Accounts receivable, net

445,386

503,978

70,984

Loans receivable, net

315,785

286,921

40,412

Amounts due from related parties

406,764

393,891

55,478

Other current assets

189,473

206,250

29,052

Total current assets

6,878,738

7,117,056

1,002,418

Long-term investments, net

995,746

810,484

114,154

Investment in affiliates

1,491,173

1,526,544

215,009

Property and equipment, net

2,510,839

2,482,199

349,610

Operating lease right-of-use assets, net

145,410

139,019

19,580

Deferred tax assets

435,632

431,494

60,775

Other non-current assets

171,083

178,582

25,152

Total Assets

12,628,621

12,685,378

1,786,698

Liabilities and Equity

Current liabilities:

Accrued payroll and welfare expenses

545,240

564,096

79,451

Income tax payable

166,959

89,694

12,633

Deferred revenues

88,377

72,824

10,257

Contingent liabilities

595,137

482,802

68,001

Other current liabilities

578,345

681,802

96,030

Total current liabilities

1,974,058

1,891,218

266,372

Operating lease liabilities, non-current

77,418

76,533

10,779

Deferred tax liabilities

229,003

262,404

36,959

Other non-current liabilities

45,058

27,660

3,896

Total Liabilities 

2,325,537

2,257,815

318,006

Equity

10,303,084

10,427,563

1,468,692

Total Liabilities and Equity

12,628,621

12,685,378

1,786,698

Noah Holdings Limited

Condensed Consolidated Income Statements

(unaudited)

Three months ended 

December 31,

December 31,

December 31,

Change

2022

2023

2023

Revenues:

RMB’000

RMB’000

USD’000

Revenues from others:

      One-time commissions

266,592

303,460

42,741

13.8 %

      Recurring service fees

195,872

167,109

23,537

(14.7 %)

      Performance-based income

13,998

146

21

(99.0 %)

      Other service fees

60,870

59,244

8,344

(2.7 %)

Total revenues from others

537,332

529,959

74,643

(1.4 %)

Revenues from funds Gopher    manages:

     One-time commissions

3,915

4,455

627

13.8 %

     Recurring service fees

278,376

262,363

36,953

(5.8 %)

     Performance-based income

66,819

11,762

1,657

(82.4 %)

Total revenues from funds     Gopher manages

349,110

278,580

39,237

(20.2 %)

Total revenues

886,442

808,539

113,880

(8.8 %)

Less: VAT related surcharges 

(4,372)

(9,031)

(1,272)

106.6 %

Net revenues

882,070

799,508

112,608

(9.4 %)

Operating costs and expenses:

    Compensation and benefits

        Relationship manager        compensation

(146,662)

(140,673)

(19,813)

(4.1 %)

        Others

(236,484)

(160,077)

(22,546)

(32.3 %)

Total compensation and      benefits

(383,146)

(300,750)

(42,359)

(21.5 %)

Selling expenses

(142,806)

(157,399)

(22,169)

10.2 %

General and administrative      expenses 

(83,952)

(98,637)

(13,893)

17.5 %

Provision for (reversal of)  credit losses

(19,836)

1,025

144

N.A.

Other operating expenses 

(38,257)

(25,649)

(3,613)

(33.0 %)

Government grants 

5,665

2,626

370

(53.6 %)

Total operating costs and expenses 

(662,332)

(578,784)

(81,520)

(12.6 %)

Income from operations 

219,738

220,724

31,088

0.4 %

Other income (expense):

    Interest income 

14,251

44,389

6,252

211.5 %

    Investment income (loss)

62,240

(53,567)

(7,545)

N.A.

    Contingent litigation expenses

(99,000)

–

–

(100.0 %)

    Other expense

(8,507)

(16,933)

(2,385)

99.0 %

Total other expense

(31,016)

(26,111)

(3,678)

(15.8 %)

Income before taxes and    income from equity in     affiliates

188,722

194,613

27,410

3.1 %

Income tax expense

(60,530)

(34,068)

(4,798)

(43.7 %)

Income from equity in affiliates

12,331

52,795

7,436

328.1 %

Net income

140,523

213,340

30,048

51.8 %

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

614

(3,190)

(449)

N.A.

Net income attributable to     Noah shareholders 

139,909

216,530

30,497

54.8 %

Income  per ADS, basic

2.01

3.12

0.44

55.2 %

Income per ADS, diluted

2.01

3.12

0.44

55.2 %

Margin analysis:

Operating margin

24.9 %

27.6 %

27.6 %

Net margin

15.9 %

26.7 %

26.7 %

Weighted average ADS     equivalent[1]:

Basic

69,593,068

69,487,210

69,487,210

Diluted

69,611,652

69,500,978

69,500,978

ADS equivalent outstanding at    end of period

62,603,864

65,261,465

65,261,465

[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

2022

2023

2023

Revenues:

RMB’000

RMB’000

USD’000

Revenues from others:

One-time commissions

617,636

1,072,838

151,106

73.7 %

Recurring service fees

768,980

707,580

99,661

(8.0 %)

Performance-based income

184,048

16,344

2,302

(91.1 %)

Other service fees

223,441

270,579

38,110

21.1 %

Total revenues from others

1,794,105

2,067,341

291,179

15.2 %

Revenues from funds Gopher    manages:

One-time commissions

63,809

16,365

2,305

(74.4 %)

Recurring service fees

1,145,435

1,112,850

156,742

(2.8 %)

Performance-based income

125,528

121,265

17,080

(3.4 %)

Total revenues from funds    Gopher manages

1,334,772

1,250,480

176,127

(6.3 %)

Total revenues

3,128,877

3,317,821

467,306

6.0 %

Less: VAT related surcharges 

(28,505)

(23,125)

(3,257)

(18.9 %)

Net revenues

3,100,372

3,294,696

464,049

6.3 %

Operating costs and expenses:

Compensation and benefits

Relationship manager compensation

(497,147)

(655,460)

(92,320)

31.8 %

Others

(944,735)

(801,293)

(112,860)

(15.2 %)

Total compensation and    benefits

(1,441,882)

(1,456,753)

(205,180)

1.0 %

Selling expenses

(349,014)

(485,778)

(68,420)

39.2 %

General and administrative    expenses 

(235,319)

(275,727)

(38,835)

17.2 %

Reversal of credit losses

424

7,028

990

1557.5 %

Other operating expenses 

(115,653)

(112,506)

(15,846)

(2.7 %)

Government grants 

129,521

126,955

17,881

(2.0 %)

Total operating costs and    expenses 

(2,011,923)

(2,196,781)

(309,410)

9.2 %

Income from operations 

1,088,449

1,097,915

154,639

0.9 %

Other income (expense):

Interest income 

61,416

161,926

22,807

163.7 %

Investment income (loss)

85,554

(61,486)

(8,660)

N.A.

Contingent litigation expenses

(99,000)

–

–

(100.0 %)

Other income

13,130

10,892

1,534

(17.0 %)

Total other income

61,100

111,332

15,681

82.2 %

Income before taxes and   income from equity in affiliates

1,149,549

1,209,247

170,320

5.2 %

Income tax expense

(267,108)

(262,360)

(36,953)

(1.8 %)

Income from equity in affiliates

89,148

54,128

7,624

(39.3 %)

Net income

971,589

1,001,015

140,991

3.0 %

Less: net loss attributable to     non-controlling interests

(4,982)

(8,479)

(1,194)

70.2 %

Net income attributable to     Noah shareholders 

976,571

1,009,494

142,185

3.4 %

Income per ADS, basic

14.29

14.53

2.05

1.7 %

Income per ADS, diluted

14.28

14.53

2.05

1.8 %

Margin analysis:

Operating margin

35.1 %

33.3 %

33.3 %

Net margin

31.3 %

30.4 %

30.4 %

Weighted average ADS     equivalent[1]:

Basic

68,332,032

69,473,972

69,473,972

Diluted

68,396,142

69,484,516

69,484,516

ADS equivalent outstanding at     end of period

62,603,864

65,261,465

65,261,465

[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

2022

2023

2023

RMB’000

RMB’000

USD’000

Net income

140,523

213,340

30,048

51.8 %

Other comprehensive loss, net of tax:

Foreign currency translation adjustments

(36,494)

(68,333)

(9,625)

87.2 %

Comprehensive income

104,029

145,007

20,423

39.4 %

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

598

(3,287)

(463)

N.A.

Comprehensive income attributable to Noah shareholders

103,431

148,294

20,886

43.4 %

 Noah Holdings Limited

Condensed Comprehensive Income Statements

(Audited)

Twelve months ended 

December 31,

December31,

December 31,

Change

2022

2023

2023

RMB’000

RMB’000

USD’000

Net income

971,589

1,001,015

140,991

3.0 %

Other comprehensive income, net of tax:

Foreign currency translation adjustments

137,555

76,990

10,844

(44.0 %)

Comprehensive income

1,109,144

1,078,005

151,835

(2.8 %)

Less: Comprehensive loss attributableto non-controlling interests

(4,895)

(8,651)

(1,218)

76.7 %

Comprehensive income attributable to Noah shareholders

1,114,039

1,086,656

153,053

(2.5 %)

 Noah Holdings Limited

Supplemental Information

(unaudited)

As of

December 31,2022

December 31,2023

Change

Number of registered clients 

437,288

455,827

4.2 %

Number of relationship managers 

1,276

1,252

(1.9 %)

Number of cities in mainland China under    coverage

75

44

(41.3 %)

Three months ended

December 31, 2022

December 31,2023

Change

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

Number of active clients

12,904

9,033

(30.0 %)

Transaction value:

Private equity products

1,452

717

(50.6 %)

Private secondary products

3,362

4,153

23.5 %

Mutual fund products

12,183

10,901

(10.5 %)

Other products

1,003

764

(23.8 %)

Total transaction value

18,000

16,535

(8.1 %)

Twelve months ended

December 31, 2022

December 31,2023

Change

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

Number of active clients

35,877

22,453

(37.4 %)

Transaction value:

Private equity products

11,037

3,330

(69.8 %)

Private secondary products

13,109

18,403

40.4 %

Mutual fund products

43,133

47,837

10.9 %

Other products

3,002

4,486

49.4 %

Total transaction value

70,281

74,056

5.4 %

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

 (unaudited) 

Three months ended December 31, 2022

Wealth Management

 Business

AssetManagement

Business

OtherBusinesses

Total

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Revenues from others

One-time commissions

266,592

–

–

266,592

Recurring service fees

195,872

–

–

195,872

Performance-based income

13,998

–

–

13,998

Other service fees

48,245

–

12,625

60,870

Total revenues from others

524,707

–

12,625

537,332

Revenues from funds Gopher manages

One-time commissions

576

3,339

–

3,915

Recurring service fees

124,040

154,336

–

278,376

Performance-based income

187

66,632

–

66,819

Total revenues from funds Gopher    manages

124,803

224,307

–

349,110

Total revenues

649,510

224,307

12,625

886,442

Less: VAT related surcharges

(2,563)

(1,139)

(670)

(4,372)

Net revenues

646,947

223,168

11,955

882,070

Operating costs and expenses:

Compensation and benefits

Relationship managers

(137,016)

(9,646)

–

(146,662)

Others

(152,971)

(73,585)

(9,928)

(236,484)

Total compensation and benefits

(289,987)

(83,231)

(9,928)

(383,146)

Selling expenses

(121,259)

(20,611)

(936)

(142,806)

General and administrative   expenses

(52,723)

(22,609)

(8,620)

(83,952)

Provision for ( reversal of ) credit   losses

249

1,068

(21,153)

(19,836)

Other operating expenses

(9,344)

(4,629)

(24,284)

(38,257)

Government grants

5,224

408

33

5,665

Total operating costs and expenses

(467,840)

(129,604)

(64,888)

(662,332)

Income (loss) from operations

179,107

93,564

(52,933)

219,738

Noah Holdings Limited

Segment Condensed Income Statements

 (Aaudited) 

Twelve 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

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

Segment Condensed Income Statements

(Audited)

Twelve months ended December 31, 2022

WealthManagementBusiness

AssetManagementBusiness

Other Businesses

Total

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Revenues from others

One-time commissions

617,636

–

–

617,636

Recurring service fees

768,980

–

–

768,980

Performance-based income

184,048

–

–

184,048

Other service fees

144,101

–

79,340

223,441

Total revenues from others

1,714,765

–

79,340

1,794,105

Revenues from funds Gopher     manages

One-time commissions

13,953

49,856

–

63,809

Recurring service fees

463,314

682,121

–

1,145,435

  Performance-based income

18,407

107,121

–

125,528

Total revenues from funds Gopher     manages

495,674

839,098

–

1,334,772

Total revenues

2,210,439

839,098

79,340

3,128,877

Less: VAT related surcharges 

(10,462)

(4,630)

(13,413)

(28,505)

Net revenues

2,199,977

834,468

65,927

3,100,372

Operating costs and expenses:

Compensation and benefits

Relationship managers

(460,237)

(36,910)

–

(497,147)

Others

(619,397)

(285,101)

(40,237)

(944,735)

Total compensation and benefits

(1,079,634)

(322,011)

(40,237)

(1,441,882)

Selling expenses

(299,769)

(41,885)

(7,360)

(349,014)

General and administrative      expenses 

(153,643)

(55,872)

(25,804)

(235,319)

Provision for (reversal of) creditlosses

718

386

(680)

424

Other operating expenses

(15,412)

(6,369)

(93,872)

(115,653)

Government grants 

89,223

39,120

1,178

129,521

Total operating costs and    expenses 

(1,458,517)

(386,631)

(166,775)

(2,011,923)

Income (loss) from operations

741,460

447,837

(100,848)

1,088,449

Noah Holdings Limited

Supplement Revenue Information by Geography

 (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:

Mainland China

262,775

110,975

8,600

382,350

Hong Kong

289,973

47,012

–

336,985

Others

60,360

28,844

–

89,204

Total revenues

613,108

186,831

8,600

808,539

 Noah Holdings Limited

Supplement Revenue Information by Geography

 (unaudited) 

Three months ended December 31, 2022

Wealth Management

 Business

Asset Management

Business

Other Businesses

Total

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Mainland China

442,208

147,301

12,625

602,134

Hong Kong

182,111

54,976

–

237,087

Others

25,191

22,030

–

47,221

Total revenues

649,510

224,307

12,625

886,442

Noah Holdings Limited

Supplement Revenue Information by Geography

 (Audited)

Twelve months ended December 31, 2023

Wealth Management

 Business

Asset Management

Business

OtherBusinesses

Total

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Mainland China

1,366,538

469,193

48,662

1,884,393

Hong Kong

921,091

193,588

–

1,114,679

Others

212,985

105,764

–

318,749

Total revenues

2,500,614

768,545

48,662

3,317,821

Noah Holdings Limited

Supplement Revenue Information by Geography

 (Audited)

Twelve months ended December 31, 2022

Wealth Management

 Business

Asset Management

Business

Other Businesses

Total

RMB’000

RMB’000

RMB’000

RMB’000

Revenues:

Mainland China

1,548,395

672,785

79,340

2,300,520

Hong Kong

508,907

83,029

–

591,936

Others

153,137

83,284

–

236,421

Total revenues

2,210,439

839,098

79,340

3,128,877

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

2022

2023

RMB’000

RMB’000

Net income attributable to Noah shareholders

139,909

216,530

54.8 %

Adjustment for share-based compensation

12,316

21,935

78.1 %

Less: tax effect of adjustments

3,066

4,740

54.6 %

Adjusted net income attributable to Noah shareholders

   (non-GAAP)

149,159

233,725

56.7 %

Net margin attributable to Noah shareholders

15.9 %

27.1 %

Non-GAAP net margin attributable to Noah shareholders

16.9 %

29.2 %

Net income attributable to Noah shareholders per ADS,     diluted

2.01

3.12

55.2 %

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

2.14

3.36

57.0 %

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

2022

2023

RMB’000

RMB’000

Net income attributable to Noah shareholders

976,571

1,009,494

3.4 %

Adjustment for share-based compensation

42,300

11,530

(72.7 %)

Less: tax effect of adjustments

10,279

2,220

(78.4 %)

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

1,008,592

1,018,804

1.0 %

Net margin attributable to Noah shareholders

31.5 %

30.6 %

Non-GAAP net margin attributable to Noah shareholders

32.5 %

30.9 %

Net income attributable to Noah shareholders per ADS,     diluted

14.28

14.53

1.8 %

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

14.75

14.66

(0.6 %)

[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.

[2] "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.

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

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

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