SHANGHAI, March 25, 2025
/PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), 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 fourth quarter of 2024 and the audited financial results for the full year ended December 31, 2024.
FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS
Net revenues from mainland China for the fourth quarter of 2024 were RMB362.1 million (US$49.6 million), effectively flat when compared with the corresponding period in 2023. Net revenues from mainland China increased by 18.0% compared with the third quarter of 2024, mainly due to a 200.0% increase in distribution of public securities products amid stock market surges beginning from late September.
Net revenues from overseas for the fourth quarter of 2024 were RMB289.8 million (US$39.7 million), a 32.0% decrease from the corresponding period in 2023 and a 23.1% decrease sequentially, primarily due to decreases of revenue from distribution of overseas insurance products. Meanwhile, the distribution of private equity products increased by 116.7% compared with the fourth quarter of 2023.
Net Revenues under the segmentation adopted in Q4 2024 is as follows:
- Domestic public securities: 146.2
- Domestic asset management: 198.7
- Domestic insurance: 3.9
- Overseas wealth management: 156.6
- Overseas asset management: 101.4
- Overseas insurance and comprehensive services: 31.9
- Headquarters: 13.2
- Total net revenues: 651.9
Net Revenues under the traditional segmentation is as follows:
| RMB millions, except percentages |
Q4 2023 |
Q4 2024 |
YoY Change |
| Wealth management |
610.3 |
457.4 |
(25.1 %) |
| Asset management |
186.2 |
185.7 |
(0.2 %) |
| Other businesses |
3.0 |
8.8 |
192.6 % |
| Total net revenues |
799.5 |
651.9 |
(18.5 %) |
FULL YEAR 2024 FINANCIAL HIGHLIGHTS
Net revenues from mainland China in the full year 2024 were RMB1,348.9 million (US$184.8 million), a 27.5% decrease from the corresponding period in 2023, primarily due to decreases in revenue from distribution of domestic insurance products and recurring service fees from private equity products.
Net Revenues under the segmentation adopted in FY 2024 is as follows:
- Domestic public securities: 488.7
- Domestic asset management: 772.1
- Domestic insurance: 42.9
- Overseas wealth management: 674.7
- Overseas asset management: 438.5
- Overseas insurance and comprehensive services: 138.9
- Headquarters: 45.2
- Total net revenues: 2,601.0
CONFERENCE CALL
The Company's senior management will host an earnings conference call to discuss its Q4 and full year 2024 Results and recent business activities. Details of the conference call are as follows:
Zoom webinar details
- Conference title: Noah Holdings 4Q and Full Year 2024 Earnings Conference Call
- Date/Time: Tuesday, March 25, 2025 at 8:00 p.m., U.S. Eastern Time / Wednesday, March 26, 2025 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: 3516952
