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SHANGHAI , Nov. 26, 2024 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") NOAH , 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 third quarter of 2024. THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS N et revenue s for the third quarter of 2024 were RMB683.7 million ( US$97.4 million ), an 8.8% decrease from the corresponding period in 2023, primarily due to a 33.0% decrease in net revenues from mainland China , which was partially offset by a 28.9% increase in net revenues from overseas. Net revenues from mainland China for the third quarter of 2024 were RMB306.8 million ( US$43.7 million ), a 33.0% decrease from the corresponding period in 2023, primarily due to decreases of 89.9% in revenue from distribution of domestic insurance products and 17.3% in revenue from recurring service fees from RMB private equity products. Net revenues from overseas for the third quarter of 2024 were RMB376.9 million ( US$53.7 million ), a 28.9% increase from the corresponding period in 2023, primarily due to increases of 42.5% in revenue from offshore investment products and 42.4% in revenue from insurance products, which were partially offset by a 38.8% decrease in revenue from other services provided to offshore high-net-worth investors. Net Revenues by segment is as follows: (RMB millions, except percentages) Q3 2023 Q3 2024 YoY Change Wealth management 548.8 465.0 (15.3 %) Asset management 191.4 208.9 9.2 % Other businesses 9.8 9.8 (0.7 %) Total net revenues 750.0 683.7 (8.8 %) Net Revenues by geography is as follows: (RMB millions, except percentages) Q3 2023 Q3 2024 YoY Change Mainland China 457.7 306.8 (33.0 %) Overseas 292.3 376.9 28.9 % Total net revenues 750.0 683.7 (8.8 %) Income from operations for the third quarter of 2024 was RMB240.8 million ( US$34.3 million ), a 3.2% decrease from the corresponding period in 2023, mainly due to the 8.8% decrease in net revenues, which was partially offset by an 11.6% decrease in operating costs and expenses driven by various cost control measures. Income from operations increased by 79.7% sequentially for the third quarter of 2024, primarily due to an 11.0% increase in net revenues and an 8.1% decrease in operating costs and expenses. Income from operations by segment is as follows: (RMB millions, except percentages) Q3 2023 Q3 2024 YoY Change Wealth management 154.5 138.9 (10.1 %) Asset management 106.5 122.5 15.0 % Other businesses (12.1) (20.6) 70.5 % Total income from operations 248.9 240.8 (3.2 %) Net income attributable to Noah shareholders for the third quarter of 2024 was RMB134.4 million ( US$19.2 million ), a 42.4% decrease from the corresponding period in 2023, mainly due to (i) a 3.2% decrease in income from operations; (ii) approximately RMB43.6 million in unrealized USD-denominated foreign exchange losses; and (iii) a one-off 30.0% increase in income tax expenses associated with a dividend withholding tax for offshore dividend payments from PRC subsidiaries. Net income attributable to Noah shareholders increased by 34.7% sequentially in the third quarter of 2024, mainly due to a 79.7% increase in income from operations. Non-GAAP [1] net income attributable to Noah shareholders for the third quarter of 2024 was RMB150.5 million ( US$21.4 million ), a 35.2% decrease from the corresponding period in 2023 and a 41.9% increase from the second quarter of 2024. THIRD QUARTER 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 September 30, 2024 , was 460,380, a 1.8% increase from September 30, 2023 , and a 0.3% increase from June 30, 2024 . Among registered clients as of September 30, 2024 , the number of overseas registered clients was 17,287, a 20.9% increase from September 30, 2023 , and a 3.0% increase from June 30, 2024 . Total number of active clients [2] for the third quarter of 2024 was 7,857, a decrease of 17.2% from the third quarter of 2023 and a 9.0% decrease from the second quarter of 2024. Among active clients during the third quarter of 2024, the number of overseas active clients was 3,139, a 37.4% increase from the third quarter of 2023, and a 3.2% decrease from the second quarter of 2024. A ggregate value of investment products distributed during the third quarter of 2024 was RMB14.3 billion ( US$2.0 billion ), a 36.1% decrease from the corresponding period in 2023, mainly due to a 42.1% decrease in distribution of mutual fund products. The aggregate value of investment products distributed decreased by 1.1% sequentially, mainly due to a decrease in distribution of private secondary products. Among the investment products distributed during the third quarter of 2024, Noah distributed RMB7.8 billion ( US$1.1 billion ) of overseas investment products, an 11.4% increase from the corresponding period of 2023, primarily due to a 76.7% increase in distribution of overseas mutual fund products. The aggregate value of investment products distributed, categorized by product type, is as follows: Three months ended September 30, 2023 2024 Product type (RMB in billions, except percentages) Mutual fund products 14.9 66.9 % 8.6 60.6 % Private secondary products 5.7 25.4 % 3.6 25.0 % Private equity products 0.7 3.1 % 1.1 7.5 % Other products [3] 1.0 4.6 % 1.0 6.9 % All products 22.3 100.0 % 14.3 100.0 % The aggregate value of investment products distributed, categorized by geography, is as follows : Type of products in mainland China Three months ended September 30, 2023 2024 (RMB in billions, except percentages) Mutual fund products 12.9 84.0 % 5.2 80.2 % Private secondary products 1.8 11.4 % 0.8 12.3 % Private equity products - 0.3 % - 0.0 % Other products 0.7 4.3 % 0.5 7.5 % All products in mainland China 15.4 100.0 % 6.5 100.0 % Type of overseas products Three months ended September 30, 2023 2024 (RMB in billions, except percentages) Mutual fund products 2.0 28.1 % 3.4 44.6 % Private secondary products 3.9 56.2 % 2.8 35.7 % Private equity products 0.7 10.8 % 1.1 13.7 % Other products 0.3 4.9 % 0.5 6.0 % All Overseas products 6.9 100.0 % 7.8 100.0 % Coverage network in mainland China included 13 cities as of September 30, 2024 , compared with 59 cities as of September 30, 2023 , and 15 cities as of June 30, 2024 , primarily due to the continued streamlining of the Company's coverage network. Aggregate number of overseas relationship managers was 146 as of September 30, 2024 , an increase of 89.6% from September 30, 2023 , and 29.2% from June 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 September 30, 2024 , were RMB150.1 billion ( US$21.4 billion ), a 2.5% decrease from June 30, 2024 , and a 3.1% decrease from September 30, 2023 , mainly due to exits in RMB private equity investment products and exchange rate fluctuations affecting the value of overseas assets under management. Mainland China assets under management as of September 30, 2024 , were RMB110.6 billion ( US$15.8 billion ), compared with RMB119.5 billion as of September 30, 2023 , and RMB114.9 billion as of June 30, 2024 . Overseas assets under management as of September 30, 2024 , were RMB39.5 billion ( US$5.6 billion ), compared with RM35.4 billion as of September 30, 2023 , and RMB39.1 billion as of June 30, 2024 . Total assets under management, categorized by investment type, are as follows: Investment type As of June 30, 2024 Growth Allocation/ Redemption As of September 30, 2024 (RMB billions, except percentages) Private equity 133.0 86.4 % 0.5 3.4 [4] 130.1 86.7 % Public securities [5] 10.4 6.7 % 2.3 2.8 9.9 6.6 % Real estate 5.8 3.8 % - 0.3 5.5 3.7 % Multi-strategies 4.2 2.7 % - 0.1 4.1 2.7 % Others 0.6 0.4 % - 0.1 0.5 0.3 % All Investments 154.0 100.0 % 2.8 6.7 150.1 100.0 % Total assets under management, categorized by geography, are as follows: Mainland China Investment type As of June 30, 2024 Growth Allocation/ Redemption As of September 30, 2024 (RMB billions, except percentages) Private equity 103.4 90.1 % - 3.3 100.1 90.5 % Public securities 6.0 5.2 % 0.5 1.0 5.5 5.0 % Real estate 2.4 2.1 % - 0.2 2.2 2.0 % Multi-strategies 2.5 2.1 % - 0.2 2.3 2.0 % Others 0.6 0.5 % - 0.1 0.5 0.5 % All Investments 114.9 100.0 % 0.5 4.8 110.6 100.0 % Overseas Investment type As of June 30, 2024 Growth Allocation/ Redemption As of September 30, 2024 (RMB billions, except percentages) Private equity 29.6 75.5 % 0.5 0.1 30.0 75.9 % Public securities 4.4 11.2 % 1.8 1.8 4.4 11.1 % Real estate 3.4 8.7 % - 0.1 3.3 8.4 % Multi-strategies 1.7 4.6 % - (0.1) 1.8 4.6 % All Investments 39.1 100.0 % 2.3 1.9 39.5 100.0 % [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 clients who purchase investment products distributed or receive services provided by the Company during that given period. [3] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others. [4] The asset allocation/redemption of overseas investment products includes the fluctuation result of foreign currencies exchange rate. [5] The asset allocation/redemption of public securities also includes market appreciation or depreciation. Other Businesses Noah's other businesses mainly include providing clients with additional comprehensive services and investment products. Operating results for other businesses also include headquarter rental income, depreciation and amortization, as well as operating expenses. Ms. Jingbo Wang , co-founder and chairwoman of Noah, commented, "I'm pleased to report a significant sequential rebound in net revenues, operating margin, and net income as the pace of our overseas expansion gains momentum and client demand for global asset allocation strengthens. Net revenues from overseas grew by 28.9% year-over-year, bolstered by ongoing investments to expand our global footprint. Our team of relationship managers directly supporting this expansion grew to 146 professionals, an increase of 89.6% year-over-year and 29.2% sequentially. We also opened our Japan office during the quarter to attract local Mandarin-speaking clients and are actively evaluating opportunities in other key potential markets such as Canada , Australia , Southeast Asia , and Europe , to capitalize on this momentum. While sluggish domestic markets continue to pose challenges, we are encouraged by initial signs of a recovery and improving client sentiment, driven by recent policies aimed at supporting the broader economy. We remain confident in the substantial potential for wealth management services tailored to global Mandarin-speaking high-net-worth investors, many of whom are currently underserved by local financial institutions. This presents us with significant opportunities to acquire new clients through our competitive global investment solutions and renowned service standards." THIRD QUARTER 2024 FINANCIAL RESULTS Net Revenues Net revenues for the third quarter of 2024 were RMB683 .7 million ( US$97 .4 million), an 8.8% decrease from the corresponding period in 2023. Wealth Management Business Net revenues from one-time commissions for the third quarter of 2024 were RMB175.1 million ( US$25.0 million ), an 11.8% decrease from the corresponding period in 2023, primarily due to a decrease in distribution of domestic insurance products. Net revenues from recurring service fees for the third quarter of 2024 were RMB251.0 million ( US$35.8 million ), a 10.3% decrease from the corresponding period in 2023, primarily due to a decrease in recurring service fees from private secondary products and private equity products associated with the decrease in assets under management in mainland China . Net revenues from performance-based income for the third quarter of 2024 were RMB3.0 million ( US$0.4 million ), a 65.8% decrease from the corresponding period of 2023, primarily due to a decrease in performance-based income from private secondary products. Net revenues from other service fees for the third quarter of 2024 were RMB35.9 million ( US$5.1 million ), a 41.7% 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 third quarter of 2024 were RMB150.6 million ( US$21.5 million ), a 19.1% decrease from the corresponding period in 2023, primarily due to a decrease in recurring service fees generated from RMB private equity products. Net revenues from performance-based income for the third quarter of 2024 were RMB58.0 million ( US$8.3 million ), a substantial increase from the corresponding period in 2023, primarily due to an increase in performance-based income realized from offshore private equity products. Other Businesses Net revenues for the third quarter of 2024 were RMB9.8 million ( US$1.4 million ), remaining flat compared with the corresponding period in 2023. Operating Costs and Expenses Operating costs and expenses for the third quarter of 2024 were RMB442.9 million ( US$63.1 million ), an 11.6% decrease from the corresponding period in 2023. Operating costs and expenses primarily consisted of (i) compensation and benefits of RMB310.0 million ( US$44.2 million ); (ii) selling expenses of RMB65.9 million ( US$9.4 million ); (iii) general and administrative expenses of RMB72.3 million ( US$10.3 million ); (iv) provision for of credit losses of RMB5.4 million ( US$0.8 million ); and (v) other operating expenses of RMB12.9 million ( US$1.8 million ). Operating costs and expenses for the wealth management business for the third quarter of 2024 were RMB326.1 million ( US$46.5 million ), a 17.3% decrease from the corresponding period in 2023, primarily due to decreases of 23.5% in compensation and benefits and 48.6% in selling expenses. Operating costs and expenses for the asset management business for the third quarter of 2024 were RMB86.4 million ( US$12.3 million ), a 1.8% increase from the corresponding period in 2023. Operating costs and expenses for other businesses for the third quarter of 2024 were RMB30.4 million ( US$4.3 million ), compared with RMB21.9 million from the corresponding period in 2023. Operating Margin Operating margin for the third quarter of 2024 was 35.2%, compared with 33.2% for the corresponding period in 2023. Operating margin for the wealth management business for the third quarter of 2024 was 29.9%, compared with 28.2% for the corresponding period in 2023. Operating margin for the asset management business for the third quarter of 2024 was 58.6%, compared with 55.6% for the corresponding period in 2023. Loss from operation for other businesses for the third quarter of 2024 was RMB20.6 million ( US$2.9 million ), compared with an operating loss of RMB12.1 million for the corresponding period in 2023. Interest Income Interest income for the third quarter of 2024 was RMB28.4 million ( US$4.0 million ), a 34.6% decrease from the corresponding period in 2023. Investment Income Investment income for the third quarter of 2024 was RMB16.3 million ( US$2.3 million ), compared with RMB9.6 million for the corresponding period in 2023. Income Tax Expenses Income tax expense s for the third quarter of 2024 were RMB89.0 million ( US$12.7 million ), a 30.0% increase from the corresponding period in 2023, primarily due to an increase in income tax expenses associated with a dividend withholding tax for offshore dividend payments from PRC subsidiaries. Net Income Net Income Net income for the third quarter of 2024 was RMB137.8 million ( US$19.6 million ), a 40.6% decrease from the corresponding period in 2023. Net margin for the third quarter of 2024 was 20.2%, compared with 30.9% for the corresponding period in 2023. Net income attributable to Noah shareholders for the third quarter of 2024 was RMB134.4 million ( US$19.2 million ), a 42.4% decrease from the corresponding period in 2023. Net margin attributable to Noah shareholders for the third quarter of 2024 was 19.7%, compared with 31.1% for the corresponding period in 2023. Net income attributable to Noah shareholders per basic and diluted ADS for the third quarter of 2024 was RMB1.91 (US$0.27) and RMB1.91 (US$0.27) , respectively, compared with RMB3.36 and RMB3.36 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 third quarter of 2024 was RMB150.5 million ( US$21.4 million ), a 35.2% decrease from the corresponding period in 2023. Non-GAAP net margin attributable to Noah shareholders for the third quarter of 2024 was 22.0%, compared with 31.0% for the corresponding period in 2023. Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2024 was RMB2.14 (US$0.30) , down from RMB3.35 for the corresponding period in 2023. Balance Sheet and Cash Flow As of September 30, 2024 , the Company had RMB3,435.8 million ( US$489.6 million ) in cash and cash equivalents, compared with RMB4,604 .9 million as of June 30 , 2024 and RMB4,959.6 million as of September 30, 2023 . The sequential decrease in cash and cash equivalents was primarily due to the payment of dividends in the amount of RMB1,007.9 million ( US$143.6 million ) to shareholders and a reclassification of a short-term time deposit in the amount of RMB252.7 million ( US$36.0 million ) from cash and cash equivalents to short-term investments. Net cash inflow from the Company's operating activities during the third quarter of 2024 was RMB237.2 million ( US$33.8 million ), mainly due to cash inflow generated from net income from operations. Net cash outflow from the Company's investing activities during the third quarter of 2024 was RMB53.7 million ( US$7.7 million ), mainly due to cash used for long-term investments. Net cash outflow from the Company's financing activities was RMB1,010.8 million ( US$144.0 million ) in the third quarter of 2024, primarily due to payment of the final dividend to the Company's shareholders. CONFERENCE CALL The Company's senior management will host an earnings conference call to discuss its Q3 Results and recent business activities. Details of the conference call are as follows: Conference title: Noah Holdings 3Q24 Earnings Conference Call Date/Time: Tuesday, November 26, 2024, at 7:00 p.m., U.S. Eastern Time Wednesday, November 27, 2024, 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: 5468333 A telephone replay will be available starting approximately one hour after the end of the conference until December 3, 2024 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 6914431. A live and archived webcast of the conference call will be available at the Company's investor relations website under the "News & Events" section at http://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 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 NOAH 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 the first nine months of 2024, Noah distributed RMB47.6 billion ( US$6.8 billion ) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB150.1 billion ( US$21.4 billion ) as of September 30, 2024 . Noah's wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China , as well as Hong Kong ( China ), New York , Silicon Valley, Singapore , and Los Angeles . The Company's wealth management business had 460,380 registered clients as of September 30, 2024 . Through Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also operates other services. For more information, please visit Noah at ir.noahgroup.com . FOREIGN CURRENCY TRANSLATION In this announcement, the unaudited financial results for the third quarter of 2024 ended September 30, 2024 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ 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 RMB7.0176 to US$1.00 , the effective noon buying rate for September 30, 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 (unaudited) As of June 30, September 30, September 30, 2024 2024 2024 RMB'000 RMB'000 USD'000 Assets Current assets: Cash and cash equivalents 4,604,946 3,435,758 489,592 Restricted cash 4,574 5,786 824 Short-term investments 1,287,400 1,297,914 184,951 Accounts receivable, net 429,417 460,076 65,560 Amounts due from related parties 444,937 468,264 66,727 Loans receivable, net 207,122 179,089 25,520 Other current assets 226,332 246,451 35,120 Total current assets 7,204,728 6,093,338 868,294 Long-term investments, net 742,322 960,572 136,880 Investment in affiliates 1,445,356 1,404,501 200,140 Property and equipment, net 2,416,072 2,395,438 341,347 Operating lease right-of-use assets, net 102,301 121,435 17,304 Deferred tax assets 400,401 400,447 57,063 Other non-current assets 155,825 145,394 20,718 Total Assets 12,467,005 11,521,125 1,641,746 Liabilities and Equity Current liabilities: Accrued payroll and welfare expenses 346,543 270,282 38,515 Income tax payable 76,318 130,136 18,544 Deferred revenues 73,857 76,867 10,953 Dividend payable 1,018,000 - - Contingent liabilities 475,777 459,436 65,469 Other current liabilities 420,527 437,260 62,309 Total current liabilities 2,411,022 1,373,981 195,790 Deferred tax liabilities 245,609 243,466 34,694 Operating lease liabilities, non-current 55,043 77,652 11,065 Other non-current liabilities 24,980 22,985 3,275 Total Liabilities 2,736,654 1,718,084 244,824 Equity 9,730,351 9,803,041 1,396,922 Total Liabilities and Equity 12,467,005 11,521,125 1,641,746 Noah Holdings Limited Condensed Consolidated Income Statements (In RMB'000, except for ADS data, per ADS data and percentages) (unaudited) Three months ended September 30, September 30, September 30, Change 2023 2024 2024 Revenues: RMB'000 RMB'000 USD'000 Revenues from others: One-time commissions 199,286 170,023 24,228 (14.7 %) Recurring service fees 171,408 166,138 23,674 (3.1 %) Performance-based income 8,440 2,974 424 (64.8 %) Other service fees 74,355 48,764 6,949 (34.4 %) Total revenues from others 453,489 387,899 55,275 (14.5 %) Revenues from funds Gopher manages: One-time commissions 32 6,014 857 18693.8 % Recurring service fees 295,982 236,638 33,721 (20.0 %) Performance-based income 5,543 58,151 8,286 949.1 % Total revenues from funds Gopher manages 301,557 300,803 42,864 (0.3 %) Total revenues 755,046 688,702 98,139 (8.8 %) Less: VAT related surcharges (5,088) (5,016) (715) (1.4 %) Net revenues 749,958 683,686 97,424 (8.8 %) Operating costs and expenses: Compensation and benefits Relationship managers (185,748) (137,082) (19,534) (26.2 %) Others (215,047) (172,902) (24,639) (19.6 %) Total compensation and benefits (400,795) (309,984) (44,173) (22.7 %) Selling expenses (119,707) (65,939) (9,396) (44.9 %) General and administrative expenses (67,407) (72,250) (10,296) 7.2 % Reversal of (Provision for) credit losses 525 (5,416) (772) N.A. Other operating expenses (18,982) (12,859) (1,832) (32.3 %) Government subsidies 105,297 23,576 3,360 (77.6 %) Total operating costs and expenses (501,069) (442,872) (63,109) (11.6 %) Income from operations 248,889 240,814 34,315 (3.2 %) Other income: Interest income 43,465 28,416 4,049 (34.6 %) Investment income 9,640 16,334 2,328 69.4 % Other income (expenses) 2,446 (43,577) (6,210) N.A. Total other income 55,551 1,173 167 (97.9 %) Income before taxes and income from equity in affiliates 304,440 241,987 34,482 (20.5 %) Income tax expense (68,499) (89,036) (12,688) 30.0 % Loss from equity in affiliates (3,897) (15,184) (2,164) 289.6 % Net income 232,044 137,767 19,630 (40.6 %) Less: net (loss) gain attributable to non-controlling interests (1,282) 3,351 478 N.A. Net income attributable to Noah shareholders 233,326 134,416 19,152 (42.4 %) Income per ADS, basic 3.36 1.91 0.27 (43.2 %) Income per ADS, diluted 3.36 1.91 0.27 (43.2 %) Margin analysis: Operating margin 33.2 % 35.2 % 35.2 % Net margin 30.9 % 20.2 % 20.2 % Weighted average ADS equivalent [1] : Basic 69,472,282 70,334,784 70,334,784 Diluted 69,485,287 70,396,502 70,396,502 ADS equivalent outstanding at end of period 63,154,215 65,824,608 65,824,608 [1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADS. Noah Holdings Limited Condensed Comprehensive Income Statements (unaudited) Three months ended September 30, September 30, September 30, Change 2023 2024 2024 RMB'000 RMB'000 USD'000 Net income 232,044 137,767 19,630 (40.6 %) Other comprehensive income, net of tax: Foreign currency translation adjustments 21,405 (92,022) (13,113) N.A. Comprehensive income 253,449 45,745 6,517 (82.0 %) Less: Comprehensive (loss) in com e attributable to non- controlling interests (1,169) 4,822 687 N.A. Comprehensive income attributable to Noah s hareholders 254,618 40,923 5,830 (83.9 %) Noah Holdings Limited Supplemental Information (unaudited) As of September 30, 2023 September 30, 2024 Change Number of registered clients 452,222 460,380 1.8 % Three months ended September 30, 2023 September 30, 2024 Change (in millions of RMB, except number of active clients and percentages) Number of active clients 9,489 7,857 (17.2 %) Transaction value: Private equity products 693 1,070 54.3 % Private secondary products 5,670 3,560 (37.2 %) Mutual fund products 14,929 8,651 (42.1 %) Other products 1,024 977 (4.5 %) Total transaction value 22,316 14,258 (36.1 %) Noah Holdings Limited Segment Condensed Income Statements (unaudited) Three months ended September 30, 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 170,023 - - 170,023 Recurring service fees 166,138 - - 166,138 Performance-based income 2,974 - - 2,974 Other service fees 36,087 - 12,677 48,764 Total revenues from others 375,222 - 12,677 387,899 Revenues from funds Gopher manages One-time commissions 5,776 238 - 6,014 Recurring service fees 85,850 150,788 - 236,638 Performance-based income 50 58,101 - 58,151 Total revenues from funds Gopher manages 91,676 209,127 - 300,803 Total revenues 466,898 209,127 12,677 688,702 Less: VAT related surcharges (1,881) (208) (2,927) (5,016) Net revenues 465,017 208,919 9,750 683,686 Operating costs and expenses: Compensation and benefits Relationship managers (129,395) (7,687) - (137,082) Others (118,388) (47,556) (6,958) (172,902) Total compensation and benefits (247,783) (55,243) (6,958) (309,984) Selling expenses (48,392) (11,704) (5,843) (65,939) General and administrative expenses (45,766) (17,500) (8,984) (72,250) Provision for credit losses (1,758) (2,203) (1,455) (5,416) Other operating expenses (5,708) (22) (7,129) (12,859) Government subsidies 23,350 226 - 23,576 Total operating costs and expenses (326,057) (86,446) (30,369) (442,872) Income (loss) from operations 138,960 122,473 (20,619) 240,814 Noah Holdings Limited Segment Condensed Income Statements (unaudited) Three months ended September 30, 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 199,286 - - 199,286 Recurring service fees 171,408 - - 171,408 Performance-based income 8,440 - - 8,440 Other service fees 61,915 - 12,440 74,355 Total revenues from others 441,049 - 12,440 453,489 Revenues from funds Gopher manages One-time commissions - 32 - 32 Recurring service fees 109,368 186,614 - 295,982 Performance-based income 405 5,138 - 5,543 Total revenues from funds Gopher manages 109,773 191,784 - 301,557 Total revenues 550,822 191,784 12,440 755,046 Less: VAT related surcharges (2,074) (389) (2,625) (5,088) Net revenues 548,748 191,395 9,815 749,958 Operating costs and expenses: Compensation and benefits Relationship managers (179,854) (5,894) - (185,748) Others (144,256) (64,041) (6,750) (215,047) Total compensation and benefits (324,110) (69,935) (6,750) (400,795) Selling expenses (94,088) (18,723) (6,896) (119,707) General and administrative expenses (53,401) (9,217) (4,789) (67,407) (Provision for) reversal of credit losses (894) (400) 1,819 525 Other operating expenses (11,677) (298) (7,007) (18,982) Government subsidies 89,925 13,656 1,716 105,297 Total operating costs and expenses (394,245) (84,917) (21,907) (501,069) Income (loss) from operations 154,503 106,478 (12,092) 248,889 Noah Holdings Limited Supplement Revenue Information by Geography (unaudited) Three months ended September 30, 2024 Wealth Management Business Asset Management Business Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Mainland China 225,569 73,589 12,677 311,835 Overseas 241,329 135,538 - 376,867 Total revenues 466,898 209,127 12,677 688,702 Three months ended September 30, 2023 Wealth Management Business Asset Management Business Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Mainland China 333,911 116,355 12,440 462,706 Overseas 216,911 75,429 - 292,340 Total revenues 550,822 191,784 12,440 755,046 Noah Holdings Limited Supplement Revenue Information by Product Types (unaudited) Three months ended September 30, 2023 September 30, 2024 Change (in thousands of RMB, except percentages) Mainland China: Public securities products [1] 137,967 108,038 (21.7 %) Private equity products 218,502 180,636 (17.3 %) Insurance products 85,445 8,617 (89.9 %) Others 20,792 14,544 (30.1 %) Subtotal 462,706 311,835 (32.6 %) Overseas: Investment products [2] 134,209 191,200 42.5 % Insurance products 101,754 144,942 42.4 % Online business [3] 2,706 7,865 190.7 % Others 53,671 32,860 (38.8 %) Subtotal 292,340 376,867 28.9 % Total revenues 755,046 688,702 (8.8 %) [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 September 30, 2023 September 30, 2024 Change Net Revenues from Overseas (RMB, million) 292.3 376.9 28.9 % Number of Overseas Registered Clients 14,296 17,287 20.9 % Number of Overseas Active Clients 2,284 3,139 37.4 % Transaction Value of Overseas Investment Products (RMB, billion) 7.0 7.8 11.4 % Number of Overseas Relationship Managers 77 146 89.6 % Overseas Assets Under Management (RMB, billion) 35.4 39.5 11.6 % Noah Holdings Limited Reconciliation of GAAP to Non-GAAP Results (In RMB, except for per ADS data and percentages) (unaudited) Three months ended September 30, September 30, Change 2023 2024 RMB'000 RMB'000 Net income attributable to Noah shareholders 233,326 134,416 (42.4 %) Adjustment for share-based compensation (1,161) 19,846 N.A. Less: tax effect of adjustments (281) 3,745 N.A. Adjusted net income attributable to Noah shareholders (non-GAAP) 232,446 150,517 (35.2 %) Net margin attributable to Noah shareholders 31.1 % 19.7 % Non-GAAP net margin attributable to Noah shareholders 31.0 % 22.0 % Net income attributable to Noah shareholders per ADS, diluted 3.36 1.91 (43.2 %) Non-GAAP net income attributable to Noah shareholders per ADS, diluted 3.35 2.14 (36.1 %) View original content: https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-third-quarter-of-2024-302316560.html SOURCE Noah Holdings Limited © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Maybe 15 minutes before the Wild hosted and defeated the Nashville Predators on Saturday, general manager Bill Guerin took a few minutes to talk to the media about his first noteworthy acquisition of the season—the trade with Columbus, which will bring David Jiricek to the State of Hockey in the first few days of December. Maybe it’s just the pessimistic nature of a fanbase that hasn’t seen a men’s professional team play for a championship in more than three decades, but the grumbling had begun even before the collected media had reached the press box for Saturday’s game. “Seems like a lot to pay for a minor-leaguer,” was one of the comments overheard at the rink on Saturday. Indeed, to get Jiricek – the sixth overall pick in the 2022 NHL Draft – and a lower-round pick, Guerin surrendered defenseman Daemon Hunt and four draft picks, including Minnesota’s 2025 first-rounder and a second round pick in 2027. He wasted no time in getting an up-close look at the new guy, calling Jiricek up to the NHL level on Sunday, and sending former Gophers forward Travis Boyd back down to Iowa. Guerin and Blue Jackets general manager Don Waddell are old friends from their time working together with the Pittsburgh Penguins. But there was no discount offered from Waddell to his old pal in Minnesota. “It took awhile. Donny,” Guerin said with an exasperated grin. “He played with me. He’s one of my old mentors. He made me work for it. He’s the best.” Still, Guerin would not have pulled the trigger had he not believed in two things: 1) The Wild can turn all of Jiricek’s size (6-foot-4) and potential into another piece of their bright future on the blue line. 2) The price they paid was not as steep as it might look on the surface. To that second point, consider that Hunt was not really part of the Wild’s NHL-level defensive picture, even at a time like this when Jonas Brodin’s long-term viability is a serious question mark. And after getting two points with an overtime win over the Predators on Saturday, the Wild were tied for the most points in the NHL, meaning that at this pace, that 2025 first-round draft pick is going to come in the 25th spot or later. If the Wild go into a tailspin this season, the pick sent to Columbus is lottery protected, meaning the Blue Jackets will not get to pick in the top 10 at the Wild’s expense. To the first point, Jiricek is a player Guerin and his assistants have had their eye on for some time, even before he was named the top defenseman in the tournament while playing for Czechia in the 2023 World Juniors. “He’s not 30, he’s not a rental. He’s a 21-year-old defenseman that we can invest in. And we did. That’s how I look at it. It’s an investment,” Guerin said. In 2022, the Wild grabbed Liam Ohgren with the 19th overall pick, more than a dozen selections after Jiricek was picked by Columbus and was posing for pictures in a new red-white-and-blue sweater. “He was somebody that we really liked (during) his draft year. We knew we weren’t going to get him, but we liked him,” Guerin said. “And, you know, when this became available, I did my due diligence and asked our staff what they thought. They were all on board with it. So it’s good.” Perhaps in hopes of getting the fans on board, Guerin also stressed patience. Jiricek has not yet been a star in the NHL, despite his high draft stock. But the Wild are confident that their system of developing players — especially defensemen — is the change the new guy needs. “He’s a young player. He’s got a lot to learn. He’s going to continue to improve, just like all young players,” Guerin said, name-dropping two youthful every-night members of the Wild roster who still have ample room to grow. “Brock Faber’s got to get better. Matt Boldy’s still going to get better. All these guys are going to continue to improve because they’re so young. So just because they’re in the NHL doesn’t mean they’re not going to develop their game and get better. That’s our job as the coaches, management. That’s our job to help him get better.” If he has to spend some future draft capital to put those pieces in place, that is clearly a chance Guerin is willing to take.6 Top-Rated Apple Studio Display Alternatives That Won't Break The Bank
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