SHANGHAI, March 26, 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 ofDecember 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 ofDecember 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 ChinaInvestment type
As of September 30, 2024
Growth
Allocation/
Redemption
As ofDecember 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 ChinaInvestment type
As of December 31, 2023
Growth
Allocation/
Redemption
As ofDecember 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 ofDecember 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 ofDecember 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 inaffiliates
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 oneADSs.
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) incomeattributable 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 oftax:
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 andpercentages)
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 assetmanagement
Domesticinsurance
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 administrativeexpenses
(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 administrativeexpenses
(63,627)
(27,058)
(7,952)
(98,637)
Provision for (reversal of) creditlosses
(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 %)
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