SHANGHAI, Aug. 25, 2020 /PRNewswire/ -- Noah Holdings
Limited ("Noah" or the "Company") (NYSE: NOAH), a leading
wealth and asset management service provider in China with a focus on global investment and
asset allocation services for high net worth individuals and
enterprises, today announced its unaudited financial results
for the second quarter of 2020.
SECOND QUARTER 2020 FINANCIAL HIGHLIGHTS
- Net revenues for the second quarter
of 2020 were RMB747.4 million (US$105.8 million), a 0.2% increase from the first
quarter of 2020, while a 14.2% decrease from the corresponding
period in 2019.
(RMB
millions,
except
percentages)
|
Q2 2019
|
|
|
Q2 2020
|
|
|
YoY Change
|
Wealth
management
|
625.6
|
|
|
542.8
|
|
|
(13.2%)
|
Asset
management
|
171.1
|
|
|
181.6
|
|
|
6.1%
|
Lending and other
businesses
|
74.9
|
|
|
23.0
|
|
|
(69.3%)
|
Total net
revenues
|
871.6
|
|
|
747.4
|
|
|
(14.2%)
|
- Income from operations for the second quarter of
2020 was RMB319.5 million (US$45.2
million), a 24.7% increase from the first quarter of 2020,
and a 26.9% increase from the corresponding period in
2019.
(RMB
millions,
except
percentages)
|
Q2 2019
|
|
|
Q2 2020
|
|
|
YoY Change
|
Wealth
management
|
129.9
|
|
|
196.6
|
|
|
51.3%
|
Asset
management
|
86.8
|
|
|
100.8
|
|
|
16.1%
|
Lending and other
businesses
|
35.2
|
|
|
22.1
|
|
|
(36.9%)
|
Total income from
operations
|
251.9
|
|
|
319.5
|
|
|
26.9%
|
- Net income attributable to Noah shareholders for
the second quarter of 2020 was RMB299.6
million (US$42.4 million), a
23.3% increase from the first quarter of 2020, and a 19.8% increase
from the corresponding period in 2019.
- Non-GAAP[1] net income attributable to
Noah shareholders for the second quarter of 2020 was
RMB307.2 million (US$43.5 million), a 20.1% increase from the
first quarter of 2020, and a 16.7% increase from the corresponding
period in 2019.
SECOND QUARTER 2020 OPERATIONAL UPDATES
Wealth Management Business
The Company offers financial products and provides value-added
services to high net worth clients in China and overseas for its wealth management
business. Noah primarily distributes private equity, public
securities, credit and other products denominated in RMB and other
currencies.
- Total number of registered clients as of
June 30, 2020 was 332,157, a 17.1%
increase from June 30, 2019, and a
3.4% increase from March 31,
2020.
- Total number of active clients[2] which
excluded mutual fund clients during the second quarter of 2020
was 3,367, a 42.8% decrease from June 30,
2019, and a 17.4% decrease from the first quarter of 2020,
as we are continuing in the transition of offering more online
mutual fund products to our clients. Counting in mutual funds
clients, the total number of clients who transacted with us during
the second quarter of 2020 was 14,703, a 48.7% increase from the
second quarter of 2019, and a 12.6% decrease from the first quarter
of 2020.
- Aggregate value of
financial products distributed during the second
quarter of 2020 was RMB21.4 billion (US$3.0 billion), a 12.0% decrease from the
second quarter of 2019, and a 7.8% decrease from the first quarter
of 2020.
|
Three months ended
June 30,
|
|
2019
|
|
2020
|
Product
type
|
(RMB in billions,
except percentages)
|
Credit
products
|
9.8
|
|
40.0%
|
|
0.2
|
|
1.1%
|
Private equity
products
|
7.7
|
|
31.5%
|
|
2.5
|
|
11.9%
|
Public
securities products
|
6.0
|
|
24.7%
|
|
18.0
|
|
83.8%
|
Other
products
|
0.9
|
|
3.8%
|
|
0.7
|
|
3.2%
|
All
products
|
24.4
|
|
100.0%
|
|
21.4
|
|
100.0%
|
- Coverage network in mainland
China included 264 service centers covering 78 cities
as of June 30, 2020, compared
with 306 service centers covering 83 cities as of
June 30, 2019 and 292 service centers
covering 78 cities as of March 31, 2020. The decrease in the
number of service centers and cities is primarily a result of
consolidation of duplicate service centers in order to optimize
costs and expenses.
- Number of relationship managers was 1,196 as of
June 30, 2020, a 16.2% decrease from
June 30, 2019, and a 2.0% decrease
from March 31, 2020, primarily as a
result of the Company's efforts to streamline operational human
resources. The turnover rate of core "elite" relationship managers
was 1.4%, compared with 1.0% as of March 31,
2020.
Asset Management Business
The Company's asset management business is conducted through
Gopher Asset Management Co., Ltd. ("Gopher Asset Management"), a
leading alternative multi-asset manager in China with overseas offices in Hong Kong, the
United States and Canada.
Gopher Asset Management develops and manages assets ranging from
private equity, real estate, public securities, credit to
multi-strategy investments denominated in Renminbi and other
currencies.
- Total assets under management as of June 30, 2020 were RMB159.4 billion (US$22.6
billion), a 1.4% decrease from March
31, 2020 and an 11.8% decrease from June 30, 2019.
Investment
type
|
As of
March 31,
2020
|
|
Growth
|
|
Distribution/
Redemption
|
|
As of
June 30,
2020
|
|
(RMB billions,
except percentages)
|
Private
equity
|
105.7
|
|
65.4%
|
|
2.1
|
|
0.1
|
|
107.7
|
|
67.6%
|
Credit
|
19.9
|
|
12.3%
|
|
0.1
|
|
5.9
|
|
14.1
|
|
8.9%
|
Real
estate
|
18.2
|
|
11.3%
|
|
0.7
|
|
1.6
|
|
17.3
|
|
10.8%
|
Public
securities[3]
|
9.2
|
|
5.7%
|
|
3.2
|
|
0.6
|
|
11.8
|
|
7.4%
|
Multi-strategies
|
8.7
|
|
5.3%
|
|
0.2
|
|
0.4
|
|
8.5
|
|
5.3%
|
All
Investments
|
161.7
|
|
100.0%
|
|
6.3
|
|
8.6
|
|
159.4
|
|
100.0%
|
Lending and Other Businesses
The Company's lending business utilizes an advanced
risk-management system to assess and facilitate short-term loans to
high quality borrowers, often secured with collateral. The total
amount of loans originated during the second quarter of 2020 was
RMB0.1 billion, compared with
RMB2.8 billion for the corresponding
period of 2019, due to the ongoing impact of COVID-19, and our
voluntary reduction of loan origination. Other businesses include
an online financial advisory platform.
Ms. Jingbo Wang, co-founder and
CEO of Noah, said, "We are very pleased to report strong results
for the second quarter of 2020: our Non-GAAP net income rose 20.1%
from the first quarter, representing a second highest record since
our listing on the NYSE; our operating margin increased to 42.7%
due to improved operation efficiency and higher performance income
in connection with an increased number of successful primary market
exits and a booming A-share market. The transaction value of public
securities accounted for 83.8% of the total volume this quarter,
demonstrating our continued commitment to distributing more
standardized products to our clients. In this quarter, the
outstanding amount of onshore mutual funds distributed on our
mobile APP Fund Smile exceeded RMB10
billion, and our parallel offshore mutual fund mobile APP
iNoah was launched, which jointly form the formation of Noah's
global mutual funds platform. We are confident that the momentum
we've seen in the past four quarters since our transformation will
continue."
SECOND QUARTER 2020 FINANCIAL RESULTS
Net Revenues
Net revenues for the second quarter of 2020 were
RMB747.4 million (US$105.8 million), a 14.2% decrease from the
corresponding period in 2019, primarily driven by decreased
one-time commissions and other service fees, partially offset by
increased recurring service fees and performance-based income.
- Wealth Management Business
- Net revenues from one-time commissions for the
second quarter of 2020 were RMB126.0
million (US$17.8 million), a
57.0% decrease from the corresponding period in 2019, primarily due
to the decrease of transaction value as well as the distribution of
lower one-time commission rates products.
- Net revenues from recurring service fees for the
second quarter of 2020 were RMB310.3
million (US$43.9 million), a
15.5% increase from the corresponding period in 2019, mainly due to
the service fees recognized upon liquidation of certain credit
products with higher fee rates.
- Net revenues from performance-based income for the
second quarter of 2020 were RMB74.5
million (US$10.5 million), a
3,671.9% increase from the corresponding period of 2019, primarily
due to a significant increase in performance-based income from
public securities products as well as certain private equity
products.
- Net revenues from other service fees for the second
quarter of 2020 were RMB32.0 million
(US$4.5 million), a 48.1% decrease
from the corresponding period in 2019, primarily due to less
value-added services Noah offers to its high net worth clients
during the COVID-19 epidemic.
- Asset Management Business
- Net revenues from recurring service fees for the
second quarter of 2020 were RMB164.0
million (US$23.2 million),
relatively flat compared with the corresponding period in 2019.
- Net revenues from performance-based income for the second
quarter of 2020 were RMB16.1 million
(US$2.3 million), a 184.9% increase
from the corresponding period in 2019, primarily due to an increase
in performance-based income from private equity products.
- Lending and Other Businesses
- Net revenues for the second quarter of 2020 were
RMB23.0 million (US$3.3 million), a 69.3% decrease from the
corresponding period in 2019. The decrease was primarily due to
reduced loan origination since the second half of 2019 as well as
the ongoing impact of COVID-19.
Operating Costs and Expenses
Operating costs
and expenses for the second quarter of 2020
were RMB427.9 million (US$60.6 million), a 30.9% decrease from the
corresponding period in 2019. Operating costs and expenses
primarily consisted of compensation and benefits of RMB330.8 million (US$46.8
million), selling expenses of RMB62.6
million (US$8.9 million),
general and administrative expenses of RMB68.5 million (US$9.7
million), provision of credit losses of RMB1.9 million (US$0.3
million) and other operating expenses of RMB20.7 million (US$2.9
million).
- Operating costs and expenses for the wealth
management business for the second quarter of 2020 were
RMB346.2 million (US$49.0 million), a 30.2% decrease from the
corresponding period in 2019, primarily due to a decrease in
compensation and benefits and credit losses.
- Operating costs and expenses for the asset
management business for the second quarter of 2020 were
RMB80.9 million (US$11.4 million), a 4.0% decrease from the
corresponding period in 2019, primarily due to a decrease in
compensation and benefits and credit losses.
- Operating costs and expenses for the lending and
other businesses for the second quarter of 2020 were
RMB0.8 million (US$0.1 million), a 97.9% decrease from the
corresponding period in 2019, primarily due to an increase in
government grants in the amount of RMB14.6
million (US$2.1 million)
.
Operating Margin
Operating margin for the second quarter of 2020 was
42.7%, increased from 28.9% for the corresponding period in
2019.
- Operating margin for the wealth management
business for the second quarter of 2020 was 36.2%,
compared with 20.8% for the corresponding period in 2019.
- Operating margin for the asset management
business for the second quarter of 2020 was 55.5%, compared
with 50.8% for the corresponding period in 2019.
- Income from operation for the lending and other
businesses for the second quarter of 2020 was RMB22.1 million (US$3.1
million), compared with an operating income of RMB35.2 million for the corresponding period in
2019.
Investment Income
Investment income for the second quarter of 2020 was
RMB4.7 million (US$0.7 million), compared with RMB11.8 million for the corresponding period in
2019.
Income Tax Expenses
Income tax expenses for the second
quarter of 2020 were RMB77.8 million
(US$11.0 million), a 15.1% increase
from the corresponding period in 2019, primarily due to higher
taxable income.
Income from Equity in Affiliates
Income from equity in affiliates for the second
quarter of 2020 was RMB40.7 million
(US$5.8 million), a 41.2% increase
from the corresponding period in 2019, primarily due to the
increase of net income of the funds of funds we manage and invest
in as the general partner or manager.
Net Income
- Net Income
- Net income for the second quarter of 2020 was
RMB301.9 million (US$42.7 million), an 18.7% increase from the
corresponding period in 2019.
- Net margin for the second quarter of 2020 was 40.4%, up
from 29.2% for the corresponding period in 2019.
- Net income attributable to Noah shareholders for the
second quarter of 2020 was RMB299.6
million (US$42.4 million), a
19.8% increase from the corresponding period in 2019.
- Net margin attributable to Noah shareholders for the
second quarter of 2020 was 40.1%, up from 28.7% for the
corresponding period in 2019.
- Net income attributable to Noah shareholders per basic and
diluted ADS for the second quarter of 2020 was
RMB4.86 (US$0.69) and RMB4.84 (US$0.69),
respectively, up from RMB4.09 and
RMB4.04 respectively, for the
corresponding period in 2019.
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders
for the second quarter of 2020 was RMB307.2
million (US$43.5 million), a
16.7% increase from the corresponding period in 2019.
- Non-GAAP net margin attributable to Noah shareholders for
the second quarter of 2020 was 41.1%, compared with 30.2% for the
corresponding period in 2019.
- Non-GAAP net income attributable to Noah shareholders per
diluted ADS for the second quarter of 2020 was RMB4.96 (US$0.70),
up from RMB4.25 for the corresponding
period in 2019.
Balance Sheet and Cash Flow
As of June 30, 2020, the Company
had RMB4,170.7 million (US$590.3 million) in cash and cash
equivalents, compared with RMB4,045.8
million as of March 31, 2020
and RMB2,873.7 million as of
June 30, 2019.
Net cash outflow from the Company's operating activities during
the second quarter of 2020 was RMB9.6
million (US$1.4 million),
primarily due to payment of employee annual bonuses and annual tax
filing in the second quarter.
Net cash inflow from the Company's investing activities during
the second quarter of 2020 was RMB130.8
million (US$18.5 million),
primarily due to disposal of various investments in the second
quarter.
Net cash inflow from the Company's financing activities was
RMB2.2 million (US$0.3 million) in the second quarter of 2020,
primarily due to proceeds from issuance of ordinary shares upon
exercise of stock options.
UPDATE ON CREDIT FUNDS
As the Company previously disclosed on July 8, 2019, August 29,
2019 and April 24, 2020, in
connection with certain credit funds managed by an affiliate of
Gopher Asset Management ("Gopher") providing supply chain financing
involving companies related to Camsing International Holding
Limited ("Camsing"), it is suspected that fraud has been committed
by third parties related to those financings. A criminal
investigation in China is ongoing,
and Gopher is assisting PRC government authorities in their
investigation, as well as pursuing all available actions, including
filing civil litigations against the relevant parties, to protect
investors ("Investor(s)") of the credit funds involved in Camsing
incidents ("Camsing Products") who have outstanding economic
interests in such products and to recover their assets.
Furthermore, in order to share the growth of the Company with
the Investors, to prevent distraction or diversion of its
management resources from existing or potential claims, as well as
to protect the best interests of its shareholders, the Company has
decided to propose a settlement offer to the Investors.
Under the settlement plan, each Investor will be granted a
certain number of restricted share units ("RSUs") of the Company,
typically over a period of up to ten years, the vesting of which is
subject to certain conditions and a schedule not exceeding fifteen
years. An investor accepting the offer shall agree to give up
all his or her outstanding legal rights associated with Camsing
Products and irrevocably release the Company and all its affiliated
entities and individuals from any and all claims, known or unknown,
that relate to the Camsing Products. Upon vesting of the
RSUs, the Investor will receive Class A ordinary shares of the
Company. On August 24, 2020, this
settlement plan was approved by the board of directors (the
"Board") of the Company and a total number of new Class A ordinary
shares not exceeding 1.6% of the share capital of the Company has
been authorized to be issued each year for a consecutive ten
years.
As of the date hereof, there are only claims initiated in
China by several Investors against
Gopher or its affiliates. These claims are at early stages and
their impact on the Company remains unclear.
[1] Noah's Non-GAAP financial
measures are its corresponding GAAP financial measures excluding
the effects of all forms of share-based compensation, fair value
changes of equity securities (unrealized), adjustment for sale of
equity securities 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
high net worth clients who purchase financial products distributed
or provided by Noah during that given period, excluding clients who
transacted on our online mutual fund platform.
[3] The asset distribution/redemption of public securities also
includes market appreciation or depreciation.
|
2020 FORECAST
The Company revises its non-GAAP net income attributable to Noah
shareholders for the full year 2020 from the range of RMB800 million to RMB900
million, to the range of RMB900
million to RMB1billion. The
revision is based on stronger than expected transaction value and
performance income of public securities, improved operation
efficiency and optimistic business estimation of the second half of
2020, despite the impact on overseas new insurance transactions
from COVID-19 travel bans. This estimate reflects management's
current business outlook and is subject to change.
CONFERENCE CALL
Senior management will host a combined English and Chinese
language conference call to discuss the Company's second quarter
2020 unaudited financial results and recent business
activities.
The conference call may be accessed with the following
details:
Conference call
details
|
Date/Time:
|
Monday, August 24,
2020 at 8:00 p.m., U.S. Eastern Time
Tuesday, August 25,
2020 at 8:00 a.m., Hong Kong Time
|
Dial in
details:
|
|
- United States
Toll Free
|
+1-866-311-7654
|
- Mainland China
Toll Free
|
4001-201-203
|
- Hong Kong Toll
Free
|
800-905-945
|
- Hong Kong
Local Toll
|
+852-301-84992
|
- International
|
+1-412-317-5227
|
Conference
Title:
|
Noah
Holdings 2Q20 Earnings Conference Call
|
Participant
Password:
|
Noah Holdings
Limited
|
A telephone replay will be available starting one hour after the
end of the conference call until August 31,
2020 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088
(International Toll). The replay access code is 10146791.
A live and archived webcast of the conference call will be
available at Noah's investor relations website under the News &
Events section at ir.noahgroup.com.
DISCUSSION OF 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, fair value changes of equity investments
(unrealized), adjustment for sale of equity securities and net of
tax impact, if any. See "Reconciliation of GAAP to Non-GAAP
Results" at the end of this press release.
The non-GAAP financial measures disclosed by the Company should
not be considered a substitute for financial measures prepared in
accordance with U.S. GAAP. The financial results reported in
accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP
results should be carefully evaluated. The non-GAAP financial
measures used by the Company may be prepared differently from and,
therefore, may not be comparable to similarly titled measures used
by other companies.
When evaluating the Company's operating performance in the
periods presented, management reviewed the foregoing non-GAAP net
income attributable to Noah shareholders and per diluted ADS and
non-GAAP net margin attributable to Noah shareholders to supplement
U.S. GAAP financial data. As such, the Company's management
believes that the presentation of the non-GAAP financial measures
provides important supplemental information to investors regarding
financial and business trends relating to its results of operations
in a manner consistent with that used by management.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset
management service provider in China with a focus on high net worth
individuals. In the first half of 2020, Noah distributed
RMB44.6 billion (US$6.3 billion) of financial products. Through
Gopher Asset Management, Noah had assets under management of
RMB159.4 billion (US$22.6 billion) as of June 30, 2020.
Noah's wealth management business primarily distributes private
equity, public securities, credit and insurance products
denominated in RMB and other currencies. Noah delivers customized
financial solutions to clients through a network of 1,196
relationship managers across 264 service centers in 78 cities in
mainland China, and serves the
international investment needs of its clients through offices in
Hong Kong, Taiwan, United
States, Canada,
Australia and Singapore. The Company's wealth management
business had 332,157 registered clients as of June 30, 2020. As a leading alternative
multi-asset manager in China,
Gopher Asset Management manages private equity, real estate, public
securities, credit and multi-strategy investments
denominated in Renminbi and other currencies. The Company also
provides lending services and other businesses.
For more information, please visit Noah at
ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the
second quarter of 2020 ended June 30,
2020 are stated in RMB. This announcement contains currency
conversions of certain RMB amounts into US$ 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 RMB7.0651 to US$1.00, the effective noon buying rate for
June 30, 2020 as set forth in the
H.10 statistical release of the Federal Reserve Board.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the outlook for 2020 and quotations from management
in this announcement, as well as Noah's strategic and operational
plans, contain forward-looking statements. Noah may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Noah's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
Noah's actual results to differ materially from those contained in
any forward-looking statement, including but not limited to the
following: its goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the wealth management and asset management
market in China and
internationally; its expectations regarding demand for and market
acceptance of the products it distributes; its expectations
regarding keeping and strengthening its relationships with key
clients; relevant government policies and regulations relating to
its industries; its ability to attract and retain qualified
employees; its ability to stay abreast of market trends and
technological advances; its plans to invest in research and
development to enhance its product choices and service offerings;
competition in its industries in China and internationally; general economic
and business conditions in China;
and its ability to effectively protect its intellectual property
rights and not to infringe on the intellectual property rights of
others. Further information regarding these and other risks is
included in Noah's filings with the U.S. Securities and Exchange
Commission, including its annual reports on Form 20-F. All
information provided in this press release and in the attachments
is as of the date of this press release, and Noah does not
undertake any obligation to update any such information, including
forward-looking statements, as a result of new information, future
events or otherwise, except as required under the applicable
law.
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
(unaudited)
|
|
As of
|
|
March 31,
|
|
June
30,
|
|
June
30,
|
|
2020
|
|
2020
|
|
2020
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
4,045,796
|
|
4,170,704
|
|
590,325
|
|
|
Restricted
cash
|
6,583
|
|
4,098
|
|
580
|
|
|
Short-term
investments
|
97,863
|
|
61,151
|
|
8,655
|
|
|
Accounts receivable,
net
|
297,493
|
|
334,411
|
|
47,333
|
|
|
Loans receivable,
net
|
620,905
|
|
619,811
|
|
87,729
|
|
|
Amounts due from
related parties
|
757,278
|
|
766,189
|
|
108,447
|
|
|
Other current
assets
|
196,857
|
|
199,908
|
|
28,295
|
|
|
Total current
assets
|
6,022,775
|
|
6,156,272
|
|
871,364
|
|
Long-term
investments, net
|
837,449
|
|
836,442
|
|
118,391
|
|
Investment in
affiliates
|
1,325,649
|
|
1,291,255
|
|
182,765
|
|
Property and
equipment, net
|
271,574
|
|
262,648
|
|
37,175
|
|
Operating lease
right-of-use assets, net
|
337,405
|
|
343,925
|
|
48,679
|
|
Deferred tax
assets
|
167,254
|
|
164,749
|
|
23,319
|
|
Other non-current
assets
|
126,369
|
|
148,590
|
|
21,029
|
Total
Assets
|
9,088,475
|
|
9,203,881
|
|
1,302,722
|
Liabilities and
Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
644,420
|
|
461,530
|
|
65,325
|
|
|
Income tax
payable
|
101,630
|
|
77,381
|
|
10,953
|
|
|
Deferred
revenues
|
141,228
|
|
163,608
|
|
23,157
|
|
|
Other current
liabilities
|
369,847
|
|
351,690
|
|
49,778
|
|
Total current
liabilities
|
1,257,125
|
|
1,054,209
|
|
149,213
|
|
Operating lease
liabilities, non-current
|
344,078
|
|
346,241
|
|
49,007
|
|
Deferred tax
liabilities
|
56,804
|
|
56,480
|
|
7,994
|
|
Other non-current
liabilities
|
2,787
|
|
3,526
|
|
499
|
|
Total
Liabilities
|
1,660,794
|
|
1,460,456
|
|
206,713
|
|
Equity
|
7,427,681
|
|
7,743,425
|
|
1,096,009
|
Total Liabilities
and Equity
|
9,088,475
|
|
9,203,881
|
|
1,302,722
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(In RMB'000,
except for USD data, per ADS data and percentages)
|
(unaudited)
|
|
Three months
ended
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Change
|
|
2019
|
|
2020
|
|
2020
|
|
|
Revenues:
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Revenues from
others:
|
|
|
|
|
|
|
|
One-time
commissions
|
193,937
|
|
117,085
|
|
16,572
|
|
(39.6%)
|
Recurring service
fees
|
131,164
|
|
152,253
|
|
21,550
|
|
16.10%
|
Performance-based
income
|
2,051
|
|
57,206
|
|
8,097
|
|
2689.20%
|
Other service
fees
|
139,940
|
|
56,197
|
|
7,954
|
|
(59.8%)
|
Total revenues from
others
|
467,092
|
|
382,741
|
|
54,173
|
|
(18.1%)
|
Revenues from funds
Gopher
manages:
|
|
|
|
|
|
|
|
One-time
commissions
|
101,104
|
|
10,431
|
|
1,476
|
|
(89.7%)
|
Recurring service
fees
|
303,578
|
|
324,174
|
|
45,884
|
|
6.80%
|
Performance-based
income
|
5,610
|
|
33,766
|
|
4,779
|
|
501.90%
|
Total revenues from
funds Gopher
manages
|
410,292
|
|
368,371
|
|
52,139
|
|
(10.2%)
|
Total
revenues
|
877,384
|
|
751,112
|
|
106,312
|
|
(14.4%)
|
Less: VAT related
surcharges
|
(5,786)
|
|
(3,674)
|
|
(520)
|
|
(36.5%)
|
Net
revenues
|
871,598
|
|
747,438
|
|
105,792
|
|
(14.2%)
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation
and benefits
|
|
|
|
|
|
|
|
Relationship
managers
|
(175,898)
|
|
(113,044)
|
|
(16,000)
|
|
(35.7%)
|
Others
|
(261,604)
|
|
(217,805)
|
|
(30,828)
|
|
(16.7%)
|
Total
compensation and benefits
|
(437,502)
|
|
(330,849)
|
|
(46,828)
|
|
(24.4%)
|
Selling
expenses
|
(79,557)
|
|
(62,622)
|
|
(8,864)
|
|
(21.3%)
|
General and
administrative expenses
|
(47,742)
|
|
(68,502)
|
|
(9,696)
|
|
43.5%
|
Provision for
credit losses
|
(36,461)
|
|
(1,897)
|
|
(269)
|
|
(94.8%)
|
Other
operating expenses
|
(51,063)
|
|
(20,715)
|
|
(2,932)
|
|
(59.4%)
|
Government
grants
|
32,587
|
|
56,651
|
|
8,018
|
|
73.8%
|
Total operating costs
and expenses
|
(619,738)
|
|
(427,934)
|
|
(60,571)
|
|
(30.9%)
|
Income from
operations
|
251,860
|
|
319,504
|
|
45,221
|
|
26.9%
|
Other
income:
|
|
|
|
|
|
|
|
Interest
income
|
29,225
|
|
10,530
|
|
1,490
|
|
(64.0%)
|
Investment
income
|
11,847
|
|
4,711
|
|
667
|
|
(60.2%)
|
Other
income
|
310
|
|
4,298
|
|
608
|
|
1286.5%
|
Total other
income
|
41,382
|
|
19,539
|
|
2,765
|
|
(52.8%)
|
Income before taxes
and income from
equity in affiliates
|
293,242
|
|
339,043
|
|
47,986
|
|
15.6%
|
Income tax
expense
|
(67,622)
|
|
(77,810)
|
|
(11,013)
|
|
15.1%
|
Income from equity in
affiliates
|
28,829
|
|
40,693
|
|
5,760
|
|
41.2%
|
Net
income
|
254,449
|
|
301,926
|
|
42,733
|
|
18.7%
|
Less: net income
attributable to non-
controlling interests
|
|
|
|
|
|
|
|
4,266
|
2,285
|
323
|
(46.4%)
|
Net income
attributable to Noah
shareholders
|
250,183
|
|
299,641
|
|
42,410
|
|
19.8%
|
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
4.09
|
|
4.86
|
|
0.69
|
|
18.8%
|
Income per ADS,
diluted
|
4.04
|
|
4.84
|
|
0.69
|
|
19.8%
|
|
|
|
|
|
|
|
|
Margin
analysis:
|
Operating
margin
|
28.9%
|
|
42.7%
|
|
42.7%
|
|
|
Net margin
|
29.2%
|
|
40.4%
|
|
40.4%
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS
equivalent[1]:
|
Basic
|
61,211,098
|
|
61,661,522
|
|
61,661,522
|
|
|
Diluted
|
61,966,245
|
|
61,921,913
|
|
61,921,913
|
|
|
ADS equivalent
outstanding at end of
period
|
61,259,417
|
|
61,698,055
|
|
61,698,055
|
|
|
|
|
[1] Assumes all
outstanding ordinary shares are represented by ADSs. Each ordinary
share represents two ADSs.
|
Noah Holdings
Limited
|
Condensed
Consolidated Income Statements
|
(In RMB'000,
except for USD data, per ADS data and percentages)
|
(unaudited)
|
|
Six months
ended
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Change
|
|
2019
|
|
2020
|
|
2020
|
|
|
Revenues:
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Revenues from
others:
|
|
|
|
|
|
|
|
One-time
commissions
|
410,580
|
|
324,270
|
|
45,897
|
|
(21.0%)
|
Recurring service
fees
|
263,640
|
|
300,710
|
|
42,563
|
|
14.1%
|
Performance-based
income
|
3,145
|
|
71,824
|
|
10,166
|
|
2,183.8%
|
Other service
fees
|
285,317
|
|
122,805
|
|
17,382
|
|
(57.0%)
|
Total revenues from
others
|
962,682
|
|
819,609
|
|
116,008
|
|
(14.9%)
|
Revenues from funds
Gopher
manages:
|
|
|
|
|
|
|
|
One-time
commissions
|
209,012
|
|
15,180
|
|
2,149
|
|
(92.7%)
|
Recurring service
fees
|
591,734
|
|
627,624
|
|
88,834
|
|
6.1%
|
Performance-based
income
|
9,368
|
|
38,941
|
|
5,512
|
|
315.7%
|
Total revenues from
funds
Gopher manages
|
810,114
|
|
681,745
|
|
96,495
|
|
(15.8%)
|
Total
revenues
|
1,772,796
|
|
1,501,354
|
|
212,503
|
|
(15.3%)
|
Less: VAT related
surcharges
|
(11,314)
|
|
(7,799)
|
|
(1,104)
|
|
(31.1%)
|
Net
revenues
|
1,761,482
|
|
1,493,555
|
|
211,399
|
|
(15.2%)
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
managers
|
(343,166)
|
|
(283,096)
|
|
(40,070)
|
|
(17.5%)
|
Others
|
(498,641)
|
|
(412,592)
|
|
(58,399)
|
|
(17.3%)
|
Total compensation
and
benefits
|
(841,807)
|
|
(695,688)
|
|
(98,469)
|
|
(17.4%)
|
Selling
expenses
|
(170,013)
|
|
(107,162)
|
|
(15,168)
|
|
(37.0%)
|
General and
administrative
expenses
|
(106,743)
|
|
(132,187)
|
|
(18,710)
|
|
23.8%
|
Provision for credit
losses
|
(36,010)
|
|
(4,706)
|
|
(666)
|
|
(86.9%)
|
Other operating
expenses
|
(101,891)
|
|
(53,332)
|
|
(7,549)
|
|
(47.7%)
|
Government
grants
|
49,367
|
|
75,286
|
|
10,656
|
|
52.5%
|
Total operating costs
and
expenses
|
(1,207,097)
|
|
(917,789)
|
|
(129,906)
|
|
(24.0%)
|
Income from
operations
|
554,385
|
|
575,766
|
|
81,493
|
|
3.9%
|
Other
income:
|
|
|
|
|
|
|
|
Interest
income
|
52,348
|
|
32,700
|
|
4,628
|
|
(37.5%)
|
Interest
expenses
|
(430)
|
|
-
|
|
-
|
|
N.A.
|
Investment
income
|
37,510
|
|
22,277
|
|
3,153
|
|
(40.6%)
|
Other
expense (income)
|
(1,618)
|
|
5,156
|
|
730
|
|
N.A.
|
Total other
income
|
87,810
|
|
60,133
|
|
8,511
|
|
(31.5%)
|
Income before taxes
and
income from equity in affiliates
|
642,195
|
|
635,899
|
|
90,004
|
|
(1.0%)
|
Income tax
expense
|
(147,114)
|
|
(146,086)
|
|
(20,677)
|
|
(0.7%)
|
Income
from equity in affiliates
|
46,952
|
|
55,769
|
|
7,894
|
|
18.8%
|
Net
income
|
542,033
|
|
545,582
|
|
77,221
|
|
0.7%
|
Less: net income
attributable to
non-controlling interests
|
7,273
|
|
2,916
|
|
413
|
|
(59.9%)
|
Net income
attributable to
Noah shareholders
|
534,760
|
|
542,666
|
|
76,808
|
|
1.5%
|
|
|
|
|
|
|
|
|
Income per ADS,
basic
|
8.78
|
|
8.80
|
|
1.25
|
|
0.2%
|
Income per ADS,
diluted
|
8.65
|
|
8.76
|
|
1.24
|
|
1.3%
|
Margin
analysis:
|
|
|
|
|
|
|
|
Operating
margin
|
31.5%
|
|
38.6%
|
|
38.6%
|
|
|
Net margin
|
30.8%
|
|
36.5%
|
|
36.5%
|
|
|
Weighted average
ADS
equivalent[1]:
|
|
|
|
|
|
|
|
Basic
|
60,892,670
|
|
61,640,688
|
|
61,640,688
|
|
|
Diluted
|
61,933,765
|
|
61,949,755
|
|
61,949,755
|
|
|
ADS equivalent
outstanding at
end of period
|
61,259,417
|
|
61,698,055
|
|
61,698,055
|
|
|
|
|
|
|
|
|
|
|
|
[1] Assumes all
outstanding ordinary shares are represented by ADSs. Each ordinary
share represents two ADSs.
|
Noah Holdings
Limited
|
Condensed
Comprehensive Income Statements
|
(unaudited)
|
|
Three months
ended
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Change
|
|
2019
|
|
2020
|
|
2020
|
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Net
income
|
254,449
|
|
301,926
|
|
42,733
|
|
18.7%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments
|
54,495
|
|
(7,160)
|
|
(1,013)
|
|
N.A.
|
Fair value fluctuation of
available for sale
Investment (after
tax)
|
2,339
|
|
|
|
110
|
|
(66.9%)
|
775
|
Comprehensive
income
|
311,283
|
|
295,541
|
|
41,830
|
|
(5.1%)
|
Less: Comprehensive income attributable
to non-controlling interests
|
4,199
|
|
2,326
|
|
329
|
|
(44.6%)
|
Comprehensive
income attributable to
Noah shareholders
|
307,084
|
|
293,215
|
|
41,501
|
|
(4.5%)
|
Noah Holdings
Limited
|
Condensed
Comprehensive Income Statements
|
(unaudited)
|
|
Six months
ended
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
Change
|
|
2019
|
|
2020
|
|
2020
|
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
|
Net
income
|
542,033
|
|
545,582
|
|
77,221
|
|
0.7%
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
23,637
|
|
30,159
|
|
4,269
|
|
27.6%
|
Fair value fluctuation of available for sale
Investment (after
tax)
|
2,387
|
|
771
|
|
109
|
|
(67.7%)
|
Comprehensive
income
|
568,057
|
|
576,512
|
|
81,599
|
|
1.5%
|
Less: Comprehensive income attributable
to non-controlling interests
|
7,416
|
|
2,952
|
|
418
|
|
(60.2%)
|
Comprehensive
income attributable to
Noah shareholders
|
560,641
|
|
573,560
|
|
81,181
|
|
2.3%
|
|
|
|
|
|
|
|
|
Noah Holdings
Limited
|
Supplemental
Information
|
(unaudited)
|
|
As
of
|
|
|
|
June
30,
|
|
June
30,
|
|
Change
|
2019
|
2020
|
|
|
|
|
|
|
Number of registered
clients
|
283,655
|
|
332,157
|
|
17.1%
|
Number of
relationship managers
|
1,428
|
|
1,196
|
|
(16.2%)
|
Number of cities in
mainland China under coverage
|
83
|
|
78
|
|
(6.0%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
June 30,
|
|
June
30,
|
|
Change
|
2019
|
2020
|
|
(in millions of RMB,
except number of active clients and
percentages)
|
Number of active
clients[4]
|
5,882
|
|
3,367
|
|
(42.8%)
|
Number of active
clients including mutual fund clients
|
9,888
|
|
14,703
|
|
48.7%
|
Transaction
value:
|
|
|
|
|
|
Credit
products
|
9,750
|
|
232
|
|
(97.6%)
|
Private equity
products
|
7,658
|
|
2,551
|
|
(66.7%)
|
Public securities
products
|
6,021
|
|
17,971
|
|
198.5%
|
Other
products
|
934
|
|
689
|
|
(26.2%)
|
Total transaction
value
|
24,363
|
|
21,443
|
|
(12.0%)
|
|
|
|
|
|
|
|
|
|
|
|
[4] "Active clients"
for a given period refers to registered high net worth clients who
purchase financial products
distributed or provided by Noah during that given period, excluding
clients who transacted on our online
mutual fund platform.
|
Noah Holdings
Limited
|
|
Segment Condensed
Income Statements
|
|
(unaudited)
|
|
|
|
|
Three months ended
June 30, 2020
|
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Lending and
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Revenues from
others
|
|
|
|
|
|
|
|
One-time
commissions
|
116,719
|
|
366
|
|
-
|
|
117,085
|
Recurring service
fees
|
151,607
|
|
646
|
|
-
|
|
152,253
|
Performance-based
income
|
57,206
|
|
-
|
|
-
|
|
57,206
|
Other service
fees
|
32,163
|
|
627
|
|
23,407
|
|
56,197
|
Total revenues from
others
|
357,695
|
|
1,639
|
|
23,407
|
|
382,741
|
Revenues from funds
Gopher
manages
|
|
|
|
|
|
|
|
One-time
commissions
|
9,860
|
|
571
|
|
-
|
|
10,431
|
Recurring service
fees
|
160,202
|
|
163,972
|
|
-
|
|
324,174
|
Performance-based
income
|
17,613
|
|
16,153
|
|
-
|
|
33,766
|
Total revenues from
funds
Gopher manages
|
187,675
|
|
180,696
|
|
-
|
|
368,371
|
Total
revenues
|
545,370
|
|
182,335
|
|
23,407
|
|
751,112
|
Less: VAT related
surcharges
|
(2,560)
|
|
(693)
|
|
(421)
|
|
(3,674)
|
Net
revenues
|
542,810
|
|
181,642
|
|
22,986
|
|
747,438
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
managers
|
(113,044)
|
|
-
|
|
-
|
|
(113,044)
|
Others
|
(129,238)
|
|
(70,395)
|
|
(18,172)
|
|
(217,805)
|
Total compensation
and
benefits
|
(242,282)
|
|
(70,395)
|
|
(18,172)
|
|
(330,849)
|
Selling
expenses
|
(49,302)
|
|
(8,407)
|
|
(4,913)
|
|
(62,622)
|
General and
administrative
expenses
|
(51,735)
|
|
(12,994)
|
|
(3,773)
|
|
(68,502)
|
Provision for credit
losses
|
-
|
|
-
|
|
(1,897)
|
|
(1,897)
|
Other operating
expenses
|
(17,796)
|
|
(1,614)
|
|
(1,305)
|
|
(20,715)
|
Government
grants
|
14,868
|
|
12,549
|
|
29,234
|
|
56,651
|
Total operating costs
and
expenses
|
(346,247)
|
|
(80,861)
|
|
(826)
|
|
(427,934)
|
Income from
operations
|
196,563
|
|
100,781
|
|
22,160
|
|
319,504
|
Noah Holdings
Limited
|
Segment Condensed
Income Statements
|
(unaudited)
|
|
Three months ended June 30, 2019
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Lending and
Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Revenues from
others
|
|
|
|
|
|
|
|
One-time
commissions
|
193,567
|
|
370
|
|
-
|
|
193,937
|
Recurring service
fees
|
129,698
|
|
1,466
|
|
-
|
|
131,164
|
Performance-based
income
|
1,984
|
|
67
|
|
-
|
|
2,051
|
Other service
fees
|
62,032
|
|
1,193
|
|
76,715
|
|
139,940
|
Total revenues from
others
|
387,281
|
|
3,096
|
|
76,715
|
|
467,092
|
Revenues from funds
Gopher manages
|
|
|
|
|
|
|
|
One-time
commissions
|
101,104
|
|
-
|
|
-
|
|
101,104
|
Recurring service
fees
|
140,316
|
|
163,262
|
|
-
|
|
303,578
|
Performance-based
income
|
-
|
|
5,610
|
|
-
|
|
5,610
|
Total revenues from
funds Gopher
manages
|
241,420
|
|
168,872
|
|
-
|
|
410,292
|
Total
revenues
|
628,701
|
|
171,968
|
|
76,715
|
|
877,384
|
Less: VAT related
surcharges
|
(3,070)
|
|
(877)
|
|
(1,839)
|
|
(5,786)
|
Net
revenues
|
625,631
|
|
171,091
|
|
74,876
|
|
871,598
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
|
|
|
|
|
|
Relationship
managers
|
(175,851)
|
|
-
|
|
(47)
|
|
(175,898)
|
Others
|
(162,491)
|
|
(72,697)
|
|
(26,416)
|
|
(261,604)
|
Total compensation and
benefits
|
(338,342)
|
|
(72,697)
|
|
(26,463)
|
|
(437,502)
|
Selling
expenses
|
(70,838)
|
|
(4,344)
|
|
(4,375)
|
|
(79,557)
|
General and
administrative
expenses
|
(31,834)
|
|
(11,143)
|
|
(4,765)
|
|
(47,742)
|
Provision for credit
losses
|
(31,402)
|
|
(2,635)
|
|
(2,424)
|
|
(36,461)
|
Other operating
expenses
|
(32,179)
|
|
(2,575)
|
|
(16,309)
|
|
(51,063)
|
Government
grants
|
8,821
|
|
9,144
|
|
14,622
|
|
32,587
|
Total operating costs
and expenses
|
(495,774)
|
|
(84,250)
|
|
(39,714)
|
|
(619,738)
|
Income from
operations
|
129,857
|
|
86,841
|
|
35,162
|
|
251,860
|
Noah Holdings
Limited
|
Supplement Revenue
Information by Geography
|
(unaudited)
|
|
|
Three months ended
June 30, 2020
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Lending
and Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Mainland
China
|
392,284
|
|
150,489
|
|
23,407
|
|
566,180
|
Hong Kong
|
121,176
|
|
28,052
|
|
-
|
|
149,228
|
Others
|
31,910
|
|
3,794
|
|
-
|
|
35,704
|
Total
revenues
|
545,370
|
|
182,335
|
|
23,407
|
|
751,112
|
|
Three months ended
June 30, 2019
|
|
Wealth
Management
Business
|
|
Asset
Management
Business
|
|
Lending
and Other
Businesses
|
|
Total
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Mainland
China
|
420,540
|
|
145,992
|
|
76,715
|
|
643,247
|
Hong Kong
|
178,002
|
|
23,705
|
|
-
|
|
201,707
|
Others
|
30,159
|
|
2,271
|
|
-
|
|
32,430
|
Total
revenues
|
628,701
|
|
171,968
|
|
76,715
|
|
877,384
|
Noah Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for per ADS data and percentages)
|
(unaudited) [5]
|
|
Three months
ended
|
|
|
|
|
June
30,
|
|
June
30,
|
|
Change
|
|
|
2019
|
|
2020
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah shareholders
|
250,183
|
|
299,641
|
|
19.8%
|
|
Adjustment for
share-based compensation
|
22,994
|
|
18,106
|
|
(21.3%)
|
|
Less: gains from fair
value changes of equity securities
(unrealized)
|
10,775
|
|
2,316
|
|
(78.5%)
|
|
Add: gains from sales
of equity securities (realized)
|
4,951
|
|
-
|
|
N.A.
|
|
Less: tax effect of
adjustments
|
3,977
|
|
8,200
|
|
106.2%
|
|
Adjusted net income
attributable to Noah shareholders
(non-GAAP)
|
263,376
|
|
307,231
|
|
16.7%
|
|
|
|
|
|
|
|
|
Net
margin attributable to Noah shareholders
|
28.7%
|
|
40.1%
|
|
|
|
Non-GAAP net margin
attributable to Noah shareholders
|
30.2%
|
|
41.1%
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah shareholders per ADS,
diluted
|
4.04
|
|
4.84
|
|
19.8%
|
|
Non-GAAP net income
attributable to Noah shareholders
per ADS,
diluted
|
4.25
|
|
4.96
|
|
16.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[5] Noah's Non-GAAP
financial measures are its corresponding GAAP financial measures
excluding the
effects of all forms of share-based compensation, fair value
changes of equity securities (unrealized),
adjustment for sale of equity securities and net of tax impact, if
any.
|
Noah Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for per ADS data and percentages)
|
(unaudited)
|
|
Six months
ended
|
|
|
|
|
June
30,
|
|
June
30,
|
|
Change
|
|
|
2019
|
|
2020
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah shareholders
|
534,760
|
|
542,666
|
|
1.5%
|
|
Adjustment for
share-based compensation
|
52,610
|
|
36,397
|
|
(30.8%)
|
|
Less: gains from fair
value changes of equity securities
(unrealized)
|
19,517
|
|
8,399
|
|
(57.0%)
|
|
Add: gains from sales
of equity securities (realized)
|
9,836
|
|
-
|
|
N.A.
|
|
Less: tax effect of
adjustments
|
9,691
|
|
7,548
|
|
(22.1%)
|
|
Adjusted net income
attributable to Noah shareholders
(non-GAAP)
|
567,998
|
|
563,116
|
|
(0.9%)
|
|
|
|
|
|
|
|
|
Net
margin attributable to Noah shareholders
|
30.4%
|
|
36.3%
|
|
|
|
Non-GAAP net margin
attributable to Noah shareholders
|
32.2%
|
|
37.7%
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Noah shareholders per ADS,
diluted
|
8.65
|
|
8.76
|
|
1.3%
|
|
Non-GAAP net income
attributable to Noah shareholders
per ADS,
diluted
|
9.18
|
|
9.09
|
|
(1.0%)
|
|
View original
content:http://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-second-quarter-of-2020-301117041.html
SOURCE Noah Holdings Limited