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NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2023
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PR Newswire
SHANGHAI, May 30, 2023
SHANGHAI, May 30, 2023 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today announced its unaudited financial results for the first quarter of 2023.
FIRST QUARTER 2023 FINANCIAL HIGHLIGHTS
- Net revenues for the first quarter of 2023 were RMB803.5 million (US$117.0 million), a 1.0% increase from the corresponding period in 2022, primarily due to a 72.8% increase in one-time commissions, generating from more distribution of insurance products, partially offset by a 52.1% decrease in performance-based income relating to our private secondary products. Net revenues decreased by 8.9% from the fourth quarter of 2022, mainly due to decreases in one-time commissions.
| (RMB millions, except percentages) | Q1 2022 | | | Q1 2023 | | | YoY Change |
| Wealth management | 578.5 | | | 586.9 | | | 1.5 % |
| Asset management | 200.6 | | | 205.2 | | | 2.3 % |
| Other businesses | 16.6 | | | 11.4 | | | (31.4 %) |
| Total net revenues | 795.7 | | | 803.5 | | | 1.0 % |
- Income from operations for the first quarter of 2023 was RMB278.9 million (US$40.6 million), an 11.1% decrease from the corresponding period in 2022, primarily due to a 61.4% increase in selling expenses, as we launched several offshore client events in the first quarter of 2023. Income from operations increased by 26.9% from the fourth quarter of 2022, primarily due to less expenses incurred compared with fourth quarter as normally we incurred more selling and general expenses in the fourth quarter.
| (RMB millions, except percentages) | Q1 2022 | | | Q1 2023 | | | YoY Change |
| Wealth management | 235.4 | | | 204.5 | | | (13.1 %) |
| Asset management | 93.9 | | | 103.8 | | | 10.5 % |
| Other businesses | (15.5) | | | (29.4) | | | 89.7 % |
| Total income from operations | 313.8 | | | 278.9 | | | (11.1 %) |
- Net income attributable to Noah shareholders for the first quarter of 2023 was RMB244.2 million (US$35.6 million), a 20.0% decrease from the corresponding period in 2022, mainly due to 1) an 11.1% decrease in income from operations and 2) less investment income and income from equity in affiliates. Net income attributable to Noah shareholders increased by 74.5% from the fourth quarter of 2022, primarily due to 1) a 26.9% increase in income from operations, 2) a 172.1% increase in interest income and 3) a non-recurring contingent litigation expenses in the amount of RMB99.0 million recorded in the fourth quarter of 2022.
- Non-GAAP[1] net income attributable to Noah shareholders for the first quarter of 2023 was RMB239.5 million (US$34.9 million), a 23.6% decrease from the corresponding period in 2022, but a 60.6% increase from the fourth quarter of 2022.
FIRST QUARTER 2023 OPERATIONAL UPDATES
Wealth Management Business
We offer investment products and provide value-added services to high net worth investors in China and overseas for our wealth management business. We primarily distribute private equity, private secondary, mutual funds and other products denominated in RMB and other currencies.
- Total number of registered clients as of March 31, 2023 was 440,664, a 6.2% increase from March 31, 2022, and a 0.8% increase from December 31, 2022.
- Total number of active clients[2] who transacted with us during the first quarter of 2023 was 11,236, a 24.9% decrease from the first quarter of 2022, and a 12.9% decrease from the fourth quarter of 2022.
- Aggregate value of investment products distributed during the first quarter of 2023 was RMB16.8 billion (US$2.4 billion), a 12.0% increase from the first quarter of 2022, primarily due to a 40.3% and 6.5% increase of mutual fund products and private secondary products, respectively. The aggregate value of investment products distributed decreased by 6.7% compared with the fourth quarter of 2022, due to an 18.1% and 10.3% decrease of mutual fund products and private equity products, respectively, and partially offset by a 27.5% increase of private secondary products.
| Product type | Three months ended March 31, | ||||||
| | 2022 | | 2023 | ||||
| | (RMB in billions, except percentages) | ||||||
| Mutual fund products | 7.1 | | 47.4 % | | 10.0 | | 59.4 % |
| Private secondary products | 4.0 | | 26.9 % | | 4.3 | | 25.5 % |
| Private equity products | 3.2 | | 21.2 % | | 1.3 | | 7.8 % |
| Other products[3] | 0.7 | | 4.5 % | | 1.2 | | 7.3 % |
| All products | 15.0 | | 100.0 % | | 16.8 | | 100.0 % |
- Coverage network in mainland China covered 68 cities as of March 31, 2023, compared with 83 cities as of March 31, 2022 and 75 cities as of December 31, 2022, as we continue to streamline our domestic coverages.
- Number of relationship managers was 1,327 as of March 31, 2023, a 3.6% increase from March 31, 2022, and a 4.0% increase from December 31, 2022. Among which, we had 28 overseas relationship managers as of March 31, 2023, a 64.7% increase from December 31, 2022.
| [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. |
Asset Management Business
Our asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management"), a leading multi-asset manager in China with overseas offices in Hong Kong and the United States. Gopher Asset Management develops and manages assets ranging from private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies.
- Total assets under management as of March 31, 2023 remained relatively stable in the amount of RMB157.6 billion (US$22.9 billion), a 1.3% increase from March 31, 2022.
| Investment type | As of | |
| | Allocation/ R edemption | | As of | ||||
| | (RMB billions, except percentages) | ||||||||||
| Private equity | 133.1 | | 84.7 % | | 0.7 | | 0.5 | | 133.3 | | 84.6 % |
| Public securities[4] | 11.0 Werbung Mehr Nachrichten zur Noah Holdings Ltd Aktie kostenlos abonnieren
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