SHANGHAI, March 26, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or "the Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneering wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors (HNWIs), today announced its unaudited financial results for the fourth quarter of 2024 and audited results for the full year ended December 31, 2024.
2024 was one of the most challenging years for Noah. A sluggish macroeconomic environment, increasingly stringent regulatory requirements, and shifting client preferences created significant headwinds for its business. While these challenges impacted its financial performance throughout the year, Noah's business remains profitable and continues to generate solid cash flow.
Noah continued to drive the transformation of its business despite these challenges, restructuring its domestic operations to fully comply with evolving regulatory requirements and building the global infrastructure to serve clients worldwide. While these efforts require upfront investments and will take time to scale, these foundational changes will position it for sustainable growth in the years ahead.
Financial Highlights
For full-year 2024, net revenues were RMB2.6 billion (US$356.3 million), a 21.1% decrease compared to 2023, primarily due to a decrease in insurance product distribution. Net revenues from overseas were RMB1.3 billion (US$171.5 million) in 2024, accounting for 48% of total net revenues.
In the fourth quarter of 2024, net revenues were RMB651.9 million (US$89.3 million), an 18.5% decrease from the corresponding period in 2023. Net revenues from overseas were RMB289.8 million (US$39.7 million) during the quarter, a decrease from the same period in 2023 primarily due to a decline in the distribution of overseas insurance products. Excluding insurance products, net revenues from overseas investment products grew on a year-over-year basis during the quarter and year, reflecting the progress it has made in expanding its portfolio of alternative investment products.
For full-year 2024, Non-GAAP net income attributable to Noah shareholders was RMB550.2 million (US$75.4 million), a decline of 46.0% from 2023, reflecting the impact of reduced government subsidies and increased tax expenses associated with dividend payouts.
Domestic Restructuring
In 2024, Noah undertook a significant compliance-driven restructuring of its domestic business to align with increasingly stringent regulatory requirements. These efforts included consolidating operations into core cities and separating domestic sales teams into independent and licensed business units, which led to additional upfront restructuring expenses during the year but will reduce fixed costs and improve operational efficiency going forward.
While this restructuring significantly impacted the performance of its domestic business in 2024, it has also established a solid foundation for Noah to build upon to drive long-term growth and capitalize on short-term opportunities. This is best exemplified by the Hong Kong and mainland China market rally at the end of September 2024 which drove demand for its global RMB-denominated ETF, QDII, and QDLP products, generating solid returns for clients and showcasing the resilience its domestic business.
Expanding Global Infrastructure
Internationally, Noah made substantial progress in expanding its global footprint to serve Mandarin-speaking HNWIs worldwide. The Company launched three internationally focused brands—ARK Wealth Management, Olive Asset Management, and Glory Family Heritage—to provide tailored solutions for existing clients and expand into new markets. Booking centers were established in key financial hubs such as Hong Kong (China), Singapore, and the U.S. (currently in progress), which will service markets such as Southeast Asia, Japan, and Canada with large and underserved communities of Mandarin-speaking HNWIs. Its team of overseas relationship managers continues to grow, increasing by 55% year-over-year to 138, and is driving this expansion.
Noah also strengthened its alternative investment offerings during the year by leveraging its extensive ecosystem of global product partners. The Company raised US$663 million for overseas private equity, private credit, and other primary market funds—a significant increase of 44.9% year-over-year—while overseas assets under management (AUM) grew by 15% to US$5.8 billion as of December 31, 2024.
Ms. Jingbo Wang, Co-Founder and Chairwoman of Noah, commented, "2024 was a transformative year for Noah as we navigated a challenging macroeconomic environment while laying the foundation for long-term growth both domestically and overseas. Despite short-term headwinds impacting our performance, our business remains profitable and continues to generate solid cash flow."
Zander Yin, Co-founder and CEO of Noah, added, "We're extremely excited about the huge potential that the overseas Mandarin-speaking wealth management market presents. It reminds us of the early days of Noah's founding in 2005 when we were full of optimism and had a clear vision for the future. We're committed to growing our overseas presence and building strong teams to support it. This is a costly process that requires time and patience, but we're confident that in the long run, it will position us as the preferred wealth management platform for global Mandarin-speaking clients."
Commitment to Driving Shareholder Returns
In appreciation of the longstanding support that shareholders have given Noah, the Board of Directors approved an annual dividend of RMB275 million (US$37.7 million) and a special dividend of RMB275 million (US$37.7 million), representing a total payout equivalent to 100% of full-year 2024 non-GAAP net income attributable to Noah shareholders.
"We remain committed to delivering value to our clients and shareholders as we continue our journey of transformation," said Ms. Wang.
2025 Outlook
Looking ahead to 2025, Noah plans to build on its progress by expanding its client base both domestically and overseas while continuing to diversify its product offerings to provide clients with more competitive investment portfolios and asset allocation strategies. The Company also aims to further enhance its global operations by recruiting and expanding its team of relationship managers in Hong Kong (China) and Singapore, with additional hiring anticipated in the U.S. and other regions. In addition, Noah plans to further strengthen the team of commission-only agents it began building from the ground up in 2024 for its insurance businesses.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) 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."
Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB151.5 billion (US$20.8 billion) as of December 31, 2024.
For more information, please visit Noah at ir.noahgroup.com.