SHANGHAI, Nov. 27,
2024 /PRNewswire/ -- Noah Holdings Limited
("Noah" or "the Company") (NYSE: NOAH and HKEX: 6686), a leading
and pioneer wealth management service provider offering
comprehensive advisory services on global investment and asset
allocation primarily for Mandarin-speaking high-net-worth
investors, today announced its unaudited financial results for the
third quarter of 2024.
The Company generated solid sequential growth in both overseas
net revenues and operating income, highlighting the effectiveness
of its international expansion. Noah unveiled its new brands to
serve overseas Mandarin-speaking clients during the quarter,
including its wealth management division, Ark Wealth Management;
its asset management division, Olive Asset Management; and its
comprehensive services division, Glory Family Heritage.
Additionally, Noah remains committed to prioritizing shareholder
interests and delivering sustained returns once the window opens
for the US$50 million share
repurchase program it announced at the end of August.
Financial Results Breakdown
In the third quarter of 2024, net revenues were RMB 683.7 million (US$
97.4 million), an 11.0% sequential increase, driven
primarily by growth in the Company's overseas business.
Net revenues from overseas were RMB 376.9
million (US$ 53.7 million), an
increase of 28.9% year-over-year and 35.3% sequentially. Overseas
revenues accounted for over 55.1% of net revenues during the
quarter, underscoring Noah's expanding global presence and unique
competitive advantage in serving Mandarin-speaking high-net-worth
investors.
Income from operations was RMB 240.8
million (US$ 34.3 million),
effectively flat when compared to the same period last year and a
notable increase of 79.7% sequentially, primarily due to various
cost control initiatives and ongoing efforts to optimize its
corporate structure, service quality, and operational efficiency.
Operating margin recovered to 35.2%, an increase of 13.5%
sequentially.
Global Strategy Driving Sustainable Growth
In the third quarter, and in response to evolving macroeconomic
conditions, Noah accelerated its overseas expansion by gradually
rolling out wealth management services targeting key markets such
as Southeast Asia, Japan, Canada, the United
States, and Europe. The
Company also deepened collaborations with leading global financial
institutions, launching a series of innovative products and
services, further boosting its global market competitiveness and
influence.
This quarter, Noah also expanded its team of overseas
relationship managers to 146, a significant 89.6% year-on-year
increase. This growing team significantly strengthens its overseas
professional service capabilities and lays a solid foundation for
sustainable growth going forward.
Share Repurchase Program Reflects Confidence in the
Future
In late August 2024, Noah
Holdings' Board of Directors authorized a US$50 million share repurchase program, allowing
the Company to buy back its American depository shares or ordinary
shares over a two-year period. This underscores the Company's
commitment to enhancing shareholder value and confidence in its
long-term growth prospects. Share repurchases are expected to begin
when the next buyback window opens.
"Noah's third quarter results highlight the progress our global
expansion is making and our ability to adapt to evolving market
dynamics," said Noah's CEO, Mr. Yin
Zhe. "At the same time, we have been working to improve our
overall global compliance framework and professional service
capabilities. We believe the overseas wealth management needs of
Mandarin-speaking clients remain inadequately addressed. In
response, we continue to actively expand our international business
by increasing the number of local branches, strengthening our team
of overseas relationship managers, and enhancing our online
services capabilities to improve the quality of our offerings. We
believe our stock remains undervalued and does not fully reflect
our growth prospects, robust balance sheet, and cash reserves, as
well as the special bond with Mandarin-speaking high-net-worth
investors around the world. This share buyback reflects our
confidence in the future as we expand internationally and drive
long-term sustainable growth going forward."
Outlook
Looking ahead, Noah remains committed to monitoring
international market dynamics and evolving client needs while
optimizing its global asset allocation strategies and service
models. The Company will also continue to strengthen compliance and
risk management capabilities to ensure steady business growth.
By fostering innovation and professional expertise, Noah aims to
deliver comprehensive, high-quality wealth management services to
global Mandarin-speaking high-net-worth clients, driving
sustainable growth and maximizing long-term value.
Ms. Wang Jingbo, Noah's
Co-Founder and Chairwoman, added, "Noah's future presents both
opportunities and challenges. By adhering to our client-centric
philosophy, we will continue refining our products and services to
foster deeper client satisfaction and loyalty. At the same time, we
will strengthen collaborations with leading global financial
institutions, driving innovation and development to ensure Noah
remains at the forefront of the global wealth management
industry."
About Noah Holdings Limited
Noah Holdings Limited (NYSE: NOAH, HKEX: 6686) is a leading
wealth management service provider in China, offering comprehensive global
investment and asset allocation advisory services to high-net-worth
investors.
Noah's wealth management business primarily distributes private
equity, secondary market funds, mutual funds, and other products
denominated in RMB and other currencies. Through its extensive
global network, the Company provides tailored financial solutions
and meets clients' international investment needs via offices in
Hong Kong SAR, Taiwan
region, Japan, New York, Silicon Valley, and Singapore.
Through its affiliate Gopher Asset Management, Noah manages
private equity, public securities, real estate, multi-strategy, and
other investments denominated in RMB and other currencies. Noah
also offers additional services.
For more information, visit Noah's official website at
ir.noahgroup.com.
Noah Holdings:
in_communication@noahgroup.com
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SOURCE Noah Holdings Limited