Q3 2022 Noah Holdings Ltd Earnings Call

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Hello, Dear investors generally are welcome to the Noah Holdings third quarter 'twenty 'twenty earnings Conference call. Please note.

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Company management team will strive to keep our company update presentation. After today's presentation, there will be an opportunity to ask questions. Please use the brake pads function in general during the Q&A section.

As the landscape you can then turn on the microphone to answer a question. Please mute yourself. After the question. Thank you.

I would now like to turn the conference over to MS. Jimbo, Wang Jim Hudson as CEO of Noah Holdings. Please go ahead.

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The agenda of today's teleconference. I will first share my views on the macro market and then introduce nurse overall performance in the third quarter 2022.

Development of several business sectors and our overall strategy next nothing wideband change, we introduced cultural financial information and conclude with an interactive Q&A Festival I would like to report to you that we have received the acknowledgement from the Hong Kong stock exchange regarding other voluntary.

<unk> core conversions to do primary listing in Hong Kong, we've done the recognition from the stock exchange before the new year of 2023, no. One would become on dual primary listed company personally not mistaken Hong Kong.

Although the compliance requirements footage cheered jurisdiction Ms. Jade Cheng Noah has also completely removed the ADR delisting risk.

The first quarter of 2023 is a difficult quarter, we had experience with the federal reserve raising interest rates significantly and our global secondary market continuing just fluctuation the prevention and control policy of Covid in China has continued to cause lockdowns in different cities across the country.

Huge challenges to business operations, and other kind of investor sentiment continued to be low.

With the increase of omni is competition between China, and the United States as well as the Russia, Ukraine wall, let this willingness to invest now to the freezing claims in the third quarter. The most urgent demands of clients is to protect the security and liquidity of the investable assets of their own families.

The increase of global uncertainty Super imposed many ex China, Li making a few attacks the periods of strategic acuity Gawky co development has turned into a wartime stage in time of classes how to increase the frequency of contact with clients increase decline.

And as long as you're on the management and protect client assets are the key points of our thinking and action.

Our social moments Melas management needs to be aware of the market situation and make decisions decisively the execution team needs to implement efficiently responds quickly and reconfigure results as quickly to ensure no future survival and development and keep it in the housing space.

We believe the current macro situation presents not only challenges, but also opportunities.

Mobile as allocations of hot China's find that was filings will become a major trend in the future. The endless industrial globalization is exactly with the beginning of China's tech telco violation.

The wealth management needs of overseas Chinese speaking higher grade iron launch all of these have not been fully match and need to be served by financial institutions familiar with that niche.

The change of client demand is the call John employee of Noah's International developed Lynch and also the key developments direction of NOLA now and for the future.

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Third quarter of 2022, no unrealized net revenues of 90 618 million and a non-GAAP net income attributable to shareholders of it can be 119 Union post decrease both younger and quote unquote as of September 30th he accumulated non-GAAP net income of Twentyish money human has reached.

There can be 816 unions, reaching 5900% of the any guidance what is behind the schedule.

Terms of coffee can stop transaction Levine debacle, John most N V second John's point 97 billion down 25 on shaky Sankey on yen and summer percentage quote unquote times achieve such results in this difficult environment makes us feel that the trust of our clients has not come easily bank clients.

Will there will need to continue to put in what is shaping our in this quarter the transaction value of mutual funds increased by 33% year on year down four 4% quarter on quarter. The transaction value of I was wondering funds also picked up slightly <unk> three punches 8 billion up 38.9.

Essentially quote unquote, Josh the transaction value of private equity was renminbi 2.5 billion down both year on year and quarter on quarter in the third quarter <unk> total number of active clients reached a 22641 absolutes on 5% year on year and 76% quarter on quarter.

Among them the number of overseas at declines was a close to a 14 colleges an increase of 84% quarter on quarter.

AMR was an ultra high net worth clients of Noah's core client base and Diamond and Blackhawk volumes have been growing steadily by September 'twenty 'twenty shade, Noah had 7683 diamond clients up 17 point focus on G&A in the number of Bangkok clients reached 2120 <unk>.

<unk> up 39, 4% year on year now continues to increase the frequency of contact with clients as well as to reach as well as to recover those clients lost clients in the process of exiting private credit funds and real estate launch as of November 17th 1001 kilometer long.

Clients have been recovered machine.

Worth mentioning that our independently developed small treasury platform focusing on institutional cash flow management was launched in December 2021 by the end of the third quarter. The number of institutional clients are open accounts and transacted with small treasury at reach.

230.

The seven an increase of 224, 3% quarter on quarter on the cash flow management of the real economy micro businesses and small to medium sized enterprises has not been systematically sun and costs.

We both hot and constantly balance and accessibility of wealth management product and services at institutional level, providing dedicated and optimize at their location solutions and wellness beauty of cool lifecycle and moving back to wealth management products services systems, We will continue to deepen and expand English daily.

And believe that we can continuously increased defense of gain confidence and security of the bonds, we own economy, and small and micro enterprises in the third quarter of 2020, Chilean Noah accelerated the pace of international business development to adapt to clients Global S. Allocate.

<unk> in Hong Kong in Singapore with cellular direct sales team go International wealth management International business revenue in the third quarter Rose 21, 5% quarter on quarter unscheduled net revenues rose to 28, 3% from $21 six.

Essentially the previous call John I believe in Noah's International operations will contribute more revenues to the group in the near future.

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Tonya I must for Thomas Navias 2022 governments and was there any of the 156 furniture beyond an increase of 0.5% over the end of the second quarter, among which are the equity increased during the $132 8 billion.

Public Securities were affected by the fluctuation of MTV, calling from Renminbi CAD, one 7 billion in the previous quarter June 10, 2 billion in terms of real estate funds. Our actively managed U S rental apartment real estate funds increase comes in in the $6 2 billion in the last quarter to $6 7 billion.

In our primary markets the a O N of Gulf of S. Bonds has an amazing achievement with a young unit growth of 91, featuring union to exceed Renminbi 8 billion growth.

MS overseas aimed at a growth of seven point rose seven 1% he on yen and safe on 1% quarter on quarter and reached an OMB veggie going 5 billion private equity public securities and real estate all maintained the gross Shannon and achieved a quarter on quarter growth of 1% coupon Viper.

And on treatment, Betsy Cohen, and 3%, respectively. When maintained good growth expectations on our overseas AUM Gogo.

<unk> welcome to stabilize our Kona to target strategy continues to outperform China Securities Index, 100, and Shanghai franchisee advisory hundred significantly in their content across all stable balanced and positive strategy as of November 11, 2020 June return, what minus one close by 9% minus.

606, 9% on minus 96, 8%, respectively. In 2022, while those of CSI 300 engineers on 800 in the same period minus 23, 32% and minus 21, 66%, respectively. The maximum drawdowns of ESG strategy.

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It shows that a popular strategy has continuous E played a role in stabilizing clients' portfolio amid market fluctuation.

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At the beginning of 2022 Noah has established a new content to some high net worth and corporate clients based on the macro as aggregation house view of the Chief investment Officer client strategy and correspondent line solutions of the Chief strategy Officer, combined with the investment products and services Officer Noah provides.

Classical adjustments and screens on four levels of client asset allocation solution, including the harvest biology protection in humans solution stabilization solution liquidity management selection and close a solution in this extremely answer to market in 2020 should we can say that we have achieved good results in <unk>.

Has been recognized by clients, who believe that excellent wealth management and asset management companies will make full cooperation for the NASA blockage in a bear market.

After the successful listing of now Huntington Hong Kong any to meet the requirements of both the Securities and Exchange Commission of the United States and Hong Kong stock exchange and specify the combination strategy the Companys GCSE Penguin.

And the guideline recommendations of the heart hospitals on climate related financial disclosures.

We have launched a rather than plunging cause a huge spineless management policy appliances setup of Tcf became Columbus control uncompleted development declined climate information disclosure reports the system developments to meet any of the boom in Congress on Novus Engineering Network management office framework and regulatory submission recall.

To the board of directors.

The same time were met with Westwood promoting the inclusion of climate each sector assessment in our investment process and working with the technology change of deemed a population harder on the cognizant claimed on metallurgical volumes sustainable development is our tonnage.

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Although we had encountered great challenges in a macro perspectives NOLA has to the core values of client centric and survival as the bottom line and the company has maintained a healthy state of existence. The organizational change amongst I know in the past three years has also highlighted venues this year.

The optimization of the client service model of the relationship manager and I'm a single relationship manager to the NOAA timeless of iguana makes the development of our international wealth management parcel on the client development I'm sure the reform of Liza cash under the difficult market situation. This year, we have made heartworm.

Treatments in the Treasury management business on small to medium sized enterprises puzzle in terms of the number of clients and <unk> cyber.

Psychologists apprehend NASCAR Wednesday, and in any given moment, we have two choices stepped forward each months of that backward into safety in any two grams do you think about the destiny of the country are based on ourselves.

Our market participants individually even in difficult situations, we still believe that together together the comma each no employee we can see the acuity any challenge expand and strengthen our international business maintained a leading position in China and achieve our value of professionalism and empathy now as <unk>.

And by the CFO punching to introduce the cosmic data in detail banking next.

Thank you Charlie.

Good morning to investors and analysts online and such an idiot mentioned following our successful secondary listing.

<unk> July October we received acknowledgement from Hong Kong stock exchange and respective Robert Lisa a voluntary conversions and dual primary listing in Hong Kong.

The effective date on which are the primary conversion is expected to be before December 31 2022.

With the successful conversions will be dual primary decision on both the Hong Kong stock exchange as long as the New York Stock Exchange.

Which removes.

Our ADR venous tuners.

Because Hong Kong shares and <unk> are fully fungible welcome hope to be able to join the stock next links the feature which will allow investors from the Chinese stock market to be our stockholders.

We're mindful that the following the impact from continued geopolitical conflicts in the second quarter, the macro environment and the FERC quarter continue to be highly challenging the.

The United States Federal Reserve brands rates twice in the third quarter. Each time by 75 basis points rate hikes in March May and June followed by another 75 years on November 3rd venues accumulated 375 beds in 2022, the highest level in 14 years.

An entire lockdown measures that came with carbon zero policy was not alleviated as may have originally anticipated nicole's further affected domestic sentiment. This press release are worth making investment decisions in large pumps and the new equity market products.

This is evidenced by the drop of mutual fund net asset value.

The third quarter and also the declining of revenue from fund distributions across the industry.

Now, let me walk you through more detailed results for the third quarter.

As a result of the challenging market environment dampened investment sentiment.

<unk> decreased to RMB 18 gum.

25, 3% year over year, and 7% quarter over quarter.

Transaction value of private equity declined by 34% year over year, and 36% quarter over quarter to RMB, two 5 billion.

Gnosis, avoiding the transaction value of private secondary products saw a significant increase of $38, 9% quarter over quarter to RMB, three 3 billion, representing a short rebound.

The balance of 65% year over year. Moreover, the transaction value of mutual funds was RMB 11, 7 billion up 30% year over year and down 4% despite quarter over quarter.

And the total number of active clients for the quarter was 22 1641, a 6.5 increase year over year, and 76% increase quarter over quarter benefiting from continued strategic investments are important client group diamonds and black card clients.

<unk> 9782 up 14.3% quarter over quarter, and 21, 6% year over year, among which the number of black card clients and Thailand car cause inquiries via respectively, 39% and 17% year over year, thanks to the operator.

<unk> enhancements of our more targeted client segmentation strategy program and reduce resumed client events all client centric philosophy will continue to be our key strategies in the long run.

It is also worth mentioning that through our self developed customized treasury platform smiled Treasury, which was launched in December 2021.

The number of institutional clients wound to cohort 2501 in June as of the end of third quarter more than doubled from the end of last quarter.

We believe there remains the largest country management market potential for these underserved small to medium size enterprises, and we'll keep developing this segment with our comprehensive product line and well established service network.

As a result of slower placements the equity market products, we have seen perhaps the slowest quarter in recent years.

non-GAAP net income was RMB 191, 9 million for the quarter down 32% year over year, and 46% quarter over quarter.

As of September 30th 2020 June It was RMB 860 million, representing 59% our full year non-GAAP net income guidance for.

Income from operations for the quarter was RMB 231 point or 1.3 grow year over year due to our tightened expense control policy, but a 28, 3% decrease quarter over quarter due to a seven three decrease in net revenue and also 8% increase in operating costs and expenses.

As less expenses, we incurred in the second word on your kind of view due to the unprecedented carbon black belt in Shanghai.

Consequently, operating margin was 33, 9% of eight 7% year over year and down nine 9% per quarter.

We expect to see continued challenges from the fed rate hikes.

Sporadic lockdowns in China due to its prolonged cognizable policy as well as very volatile public market considering the impact of these factors on clients' investment sentiments, especially the company revised estimated non-GAAP net income attributable to Noah shareholders for the full year.

2022 from a range of RMB one four.

145 billion to RMB 155 billion as previously published to a range of RMB 1 billion to RMB, one 1 billion.

Davidson to comply with applicable requirements under the Hong Kong listing rules and be in line with the general market practice for companies with primary listing in both the United States and Hong Kong will no longer publish its annual forecast after the conversion to a dual primary listing in Hong Kong starting from our results.

Announcements next quarter.

As a result of lower transaction volume net revenues for the third quarter was RMB $684 5 billion million.

Down 25% year over year at three and seven 3% quarter over quarter.

One time commissions balance of RMB, $99, 9 million down, 53% and 51% quarter over quarter recurring service fees were very stable with RMB $489 6 million up six 7% quarter over quarter still down 13% year over year.

Thank you bye now movements of private secondary cars.

Performance based income grew to RMB 26, $27 6 million up six 8% quarter over quarter, but down 66, 4% year over year, while net revenues from other service fees continued to grow to RMB $67 3 million.

50% increase year over year, and a 45 foot acres quarter over quarter, mainly due to more value added services Noah offer star high net worth clients.

As for segmented results net revenues from the wealth management segments were RMB $465 9 million down from 87, 7% year over year and $8 four quarter over quarter due to a decrease in transaction volume during the quarter net.

Revenue from the asset management segment, one to 200 million down 17% year over year and down 4.8% quarter over quarter.

Gophers AUM stayed relatively stable at RMB $156 2 billion as of September 30 of 2020 period slightly higher than RMB $155 4 billion at the end of the second quarter.

Moving on to the balance sheet, we are remaining very healthy liquidity position as our current ratio stood at three seven times the debt to asset ratio was 17.9% still with no interest bearing debt our book or.

By the end of third quarter, we had RMB four 3 billion in cash supported by a strong balance sheet with respect to amount for dividend payout ratio in the second quarter of 2023.

In light of the current volatility in the public market No CIO office reiterated the house view of domestic International Bureau of circulation and a suggests our clients rebalance their portfolio accordingly.

We have implemented stricter cost control measures internally, while committing to further develop our international operations.

Noah will for the first time poster global Blackheart Gala event for our clients in Singapore next model together with Diamond client events in various cities in China, that's ongoing right now, hoping to better understand clients' domestic and international asset allocation needs.

Again with bank, our shareholders and Alex for ongoing trust and support, especially during this difficult time and thank you everyone for listening I will open the floor for questions.

Grand Canyon vessels and analysts you can now use the right hand function in June during the Q&A session. When selected you can then turn on the microphone to ask a question and please mute yourself. After the question. Thank you.

Now the first question comes from shale.

Guangzhou, Shanghai I think it would be to join the duet I will let no. One began conducting you guys soon.

We're kind of done in the temporary code for that and at a high school one piece would end up you're not going to give them.

It's about the money.

The old covenants about what <unk> got.

I was actually I got that they hold a surge average loans was at El Gallo Joseph why you take a highlight though you can truly challenging now Duncan so you'll mill.

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So maybe I'll briefly translate so the first question is on the strong growth in the Diamond Bank the bank our clients in a third quarter I was just wondering what's the.

Key drivers behind the second question is on the a wallet share out clients AUM both.

Anna onshore and offshore and what's our current wallet share and how do we see the potential there and especially to raise the water sharing for clients overseas assets and what kind of drivers should be you would be looking at thanks.

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Okay.

Right.

Yeah I'll take the first question and then it will come in Io certain persons for Chrysler waxing and start the <unk>.

Thailand Black card clients strategic programs.

We actually are.

Strategic partners set aside on that program has been running for over two years and this is the third year actually.

Reuben.

That's running this project has obviously piceance more experiences and also the programs we have increase more.

More client centric, our especially our incentives for our arms, who actually bringing a potential high preternatural clients.

With more accurate risk <unk> programs as well as more importantly bags supported by the budgets they were able to post those mimi.

Islands by our current client conferences, you will locally and being able to increase the interaction break lynsey with potential clients and another.

Measurements that has been buried a factor is the MGM programs that would have a starting place that basically encourage our black card and pilot plans to rein in their circle of friends to participate actually most of them are now marketing events.

Fast too.

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This year for the brand name <unk>.

Comprehensive set of factors, but I think more importantly is that the culture of the organization have improved greatly over the last three years, while we are implementing cloud centric policy so from a top two.

The frontline everybody is more a client service oriented I think that's probably one of the very young imports into reasons.

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First translation.

<unk> mentioned that as a majority of our cloud business.

Arne entrepreneurs, especially in the manufacturing are supporting our businesses. So they do have a bit of pharma demand in terms of allocation of their oversee assets. We proudly serve there around roughly 100000 class accumulators of ads.

Overseas asset allocation.

We have about 2 billion U S dollar volatile oversea insurance cumulatively and also serving 400 plus families are in our trust services and were.

Significantly strengthening the direct service our teams in Hong Kong and Singapore Awesome.

And for the last two quarters and hopefully to be able to more closely on serve these clients or maybe even including some local clients.

In the in this type of situation and also obviously you know when the rate hikes of the.

Simple deposit Argos overseas are more attractive for our clients. We don't have an exact ratio between our clients our wallet share in terms of domestic and overseas assets.

Probably by estimate of how our own.

<unk> allocated a probably about 35 to 17000 tons overseas.

Versus domestically.

We think that the ratio and awesome asset on that.

Already overseas, Brooklyn, probably little bit higher.

Well, we have seen so we believed us actually ample room for growth, especially in.

The needs of allocating their oversee efforts.

We are hopefully that covered your question.

Thank you very much very helpful.

Okay. Thank you.

I'll take another for us.

The second question will come from Connie <unk> from CIC scene.

Uh huh, Okay to quieten Gilligan agenda <unk>. Thank you. So you have Alex your diode at Glimcher needle on commercial quiet already tasted identical Ghansham I think youll, Cambodia actual Colombia again, he felt like antique Nighthawk line from gliding the passion of your equivalent Tijuana Algonquian sugar J K late may succeed I'm going to highlight the fact that.

I'm kind of gun carrier Halle, Dr. Shaw, who only can gain which he felt like occupies on our procurement team forgot that way or how are you with that.

I'll quickly translate my question. My first question is regarding to relationship managers and a number of pages and manager had the shapes Black Knight gross of Crown Kodak I, just wondering that Fisher escrow remains one of our relationship managers and my second question is regarding to our seed business in the third quarter at <unk>.

On a true overseas revenue contribution increased to 28% and a management stays introduced to as our overseas business expansion strategy. Thanks.

Sure.

Okay.

Okay.

One on the <unk>.

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I wish you and John address pension.

Oh.

First question I think I in terms of the.

Strategy on towards the RMR to incur domestically, we are actually growing the team on a more controlled pace.

Basically we are actually out in the lower performances and also are looking continue to look for a better performance around our domestic reproductively general domestically.

Safety focus.

Is that what you have for a part of the Gabon talents of my problems reshape arch into difficult times from banks and security growers.

We'll actually have the luxury to be more selective on the <unk>.

Mystic chime.

In terms of overseas clients, we are putting significant investments and projects to grow for teams.

Both based in Hong Kong, and Singapore, and we believe that actually going to be a strategy of differentiating factor in the next step strategy, especially increasing competition from <unk> issuance.

So that's the side of our RM and incomes to oversee our business. Obviously, we are continuing to invest significantly to beef up the product supplies are both wrong Nicole refinement on direct investments in Silicon Valley as well as the real estate products in New York.

We also have a bin picking up very young.

<unk> selected our product suppliers on the pipeline and to provide that for our clients and also on the I know aside we're continuing to developing that and now have the capability of actually helping our clients to transact with Hong Kong and the U S stocks on our online platform.

And also on the smiles Treasury platform that we have seen very strong growth in this year actually very successful strategy. This year that we will have grown basically from you know less than 100 institutional clients to now over 25 or <unk>.

<unk> hundred accounts.

And we have been noticing that even the small to medium enterprises, especially when they are exporting oriented and they do have quite a bit of U S dollars with them to be managed and we actually noticed that some of the treasury teams. They don't usually have large team Delhi be able to.

Help them to talk to oversee banned from institutions. They just basically lack the capability our visibility of what's available to them and what they could actually subscribe to so we are where the small treasury function that there'll be not too easily however, more access to the U S dollar based.

Products and also the bottom line is we're obviously continuing to build on the insurance Oversea insurance and trust services and inherited surface on especially.

When the clients are now more serious seriously are looking at how to make sure that they have meaningful presence.

And they are oversee operations, so theyre a pilot under some opportunities on overseas higher.

And we are hopefully back how real Hudson.

Thank you very clear.

Thank you.

Investors and analysts he can now use the rate 10 function.

My selected.

You will you had turned on the microphone to ask that question in place in Asia, South Africa question banking.

Okay.

If there are no further questions.

The conference is now concluded. Thank you all for participating on a nice day or at nice evening. Thank you. Thank you very much Karen and Hilton.

Bye bye.

Hi, Matt.

Okay.

Okay.

Okay.

Okay.