The Firm generated stable sequential development in each abroad web revenues and working revenue, highlighting the effectiveness of its worldwide growth. Noah unveiled its new manufacturers to serve  abroad Mandarin-speaking purchasers in the course of the quarter, together with its wealth administration division, Ark Wealth Administration; its asset administration division, Olive Asset Administration; and its complete providers division, Glory Household Heritage. Moreover, Noah stays dedicated to prioritizing shareholder pursuits and delivering sustained returns as soon as the window opens for the US$50 million share repurchase program it introduced on the finish of August.

Monetary Outcomes Breakdown

Within the third quarter of 2024, web revenues have been RMB 683.7 million (US$ 97.4 million), an 11.0% sequential enhance, pushed primarily by development within the Firm’s abroad enterprise.

Internet revenues from abroad have been RMB 376.9 million (US$ 53.7 million), a rise of 28.9% year-over-year and 35.3% sequentially. Abroad revenues accounted for over 55.1% of web revenues in the course of the quarter, underscoring Noah’s increasing international presence and distinctive aggressive benefit in serving Mandarin-speaking high-net-worth traders.

Earnings from operations was RMB 240.8 million (US$ 34.3 million), successfully flat when in comparison with the identical interval final yr and a notable enhance of 79.7% sequentially, primarily resulting from numerous price management initiatives and ongoing efforts to optimize its company construction, service high quality, and operational effectivity. Working margin recovered to 35.2%,  a rise of 13.5% sequentially.

International Technique Driving Sustainable Development

Within the third quarter, and in response to evolving macroeconomic situations, Noah accelerated its abroad growth by progressively rolling out wealth administration providers concentrating on key markets reminiscent of Southeast Asia, Japan, Canada, the US, and Europe. The Firm additionally deepened collaborations with main international monetary establishments, launching a sequence of progressive services and products, additional boosting its international market competitiveness and affect.

This quarter, Noah additionally expanded its workforce of abroad relationship managers to 146, a big 89.6% year-on-year enhance. This rising workforce considerably strengthens its abroad skilled service capabilities and lays a stable basis for sustainable development going ahead.

Share Repurchase Program Displays Confidence within the Future

In late August 2024, Noah Holdings (NYSE:)’ Board of Administrators licensed a US$50 million share repurchase program, permitting the Firm to purchase again its American depository shares or odd shares over a two-year interval. This underscores the Firm’s dedication to enhancing shareholder worth and confidence in its long-term development prospects. Share repurchases are anticipated to start when the subsequent 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,” stated 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

Wanting forward, Noah stays dedicated to monitoring worldwide market dynamics and evolving consumer wants whereas optimizing its international asset allocation methods and repair fashions. The Firm will even proceed to strengthen compliance and threat administration capabilities to make sure regular enterprise development.

By fostering innovation {and professional} experience, Noah goals to ship complete, high-quality wealth administration providers to international Mandarin-speaking high-net-worth purchasers, driving sustainable development and maximizing long-term worth.

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 Restricted

Noah Holdings Restricted (NYSE: NOAH, HKEX: 6686) is a number one wealth administration service supplier in China, providing complete international funding and asset allocation advisory providers to high-net-worth traders.

Noah’s wealth administration enterprise primarily distributes personal fairness, secondary market funds, mutual funds, and different merchandise denominated in RMB and different currencies. By means of its in depth international community, the Firm supplies tailor-made monetary options and meets purchasers’ worldwide funding wants through workplaces in Hong Kong SAR, Taiwan area, Japan, New York, Silicon Valley, and Singapore.

By means of its affiliate Gopher Asset Administration, Noah manages personal fairness, public securities, actual property, multi-strategy, and different investments denominated in RMB and different currencies. Noah additionally presents further providers.

For extra data, go to Noah’s official web site at ir.noahgroup.com.

Enterprise

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