Half Year 2024 Noah Holdings Ltd Earnings Call

August 29, 2024

Speaker Change: Good day, and welcome to the Noah Holding, second quarter in half year, 2024 earnings conference call. All participants will be in a listen-only mode? Should you need assistance? Please signal conference specialists by pressing the star key, followed by Z-Roll.

Operator: Conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

Operator: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press stars in one on your touch-tone phone. And to withdraw your question, please press star, then two.

Speaker Change: After today's presentation there will be an opportunity to ask questions.

Speaker Change: to ask a question, you may press Thor than one on your touch-tone phone, and to withdraw your question, please press Thor than two. This event is being recorded. I would now like to turn the conference over to Mr. Melo Xi, Investor Relations Director, please go ahead sir.

Operator: This event is being recorded.

Operator: I would now like to turn the conference over to Mr. Melo Xi, Investor Relations Director. Please go ahead, sir.

Melo Xi: Thank you, operator.

Melo Xi: Good morning and welcome to Noah's 2024 second-quarter earnings call. Joining me today on the call today are Ms. Wang Jingbo, our co-founder and chair lady, and Mr. Dender In, our co-founder, director and CEO, and Mr. Grant Pan, our CFO. Mr. In will begin with an overview of our recent business highlights, followed by Mr. Pan. We'll discuss our financial and operational results.

Speaker Change: Thank you, Operator. Good morning and welcome to No. 2024, Second Quarter earnings call.

Speaker Change: Joining me today on the call today are Miss Wang Jingbo, our co-founder and chair lady, and Mr. Dender In, our co-founder, director and CEO, and Mr. Grand Pan, our CFO.

Speaker Change: Mr. Aim will begin with an overview of our recent business highlights, followed by Mr. Pan, will discuss our financial and operational results.

Melo Xi: They'll all be available to take your questions in the Q&A session that follows.

Melo Xi: Before we begin, please note that this discussion today will contain four looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from those in our following statements. Potential risks and uncertainties include, but are not limited to, those outlined in our public findings with the ICC and the Hong Kong Stock Exchange. Noah does not undertake any obligation to update any four looking statements, except as required by the applicable law.

Speaker Change: The all be available to take your questions in the Q&A session that follows. Before we begin, please note that this discussion today will contain four looking statements that are subject to risk and uncertainties that may cause actual results to different materialities from those in our following statements.

Speaker Change: Potential risk and uncertainty include, but are not limited to, those outlined in our published findings with the ICC and the Hong Kong Stock Exchange.

Mr. In: Nood, that's not undertake any obligation to update any foreloatance statements, except as to require under a personal law. With that, I would like to pass the call over to Mr. In, please go ahead.

Melo Xi: With that, I would like to pass the call over to Mr. In.

Melo Xi: Please go ahead. In the past, the main work of the main work was to establish a more complete, full-fledged, different products in the future.

Mr. In: Thank you, Melo.

Mr. In: [inaudible]

Mr. In: Guangli Duan, in the past few years, the Chinese military officials have already completed the military plan. We are not sure whether the Chinese government will be able to do it or not.

Speaker Change: Jiangxiang is the one who has no idea how to make it.

Speaker Change: In the past, Melo Xi has already announced that he will be the first to announce the official official. The official official of the National Security Council has received a message from the official of the National Security Council.

Speaker Change: and the Chinese Communist Party. They only have to be in the same state as the Chinese Communist Party. In the Western Party, we have heard that the Communist Party is a very serious issue.

Speaker Change: Fu Zhi推廣公司品牌市場活動,引流和投資的教育等工作,但不推薦機具體的進行產品

Speaker Change: We are going to introduce our new product, Aq Web Management

Speaker Change: [inaudible]

Zhe Yin: President Xi, Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin,

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Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice and the Ministry of Justice Every sales personnel is able to only recommend products and service clients of that specific independent business unit.

XI: Xi, Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin,

Speaker Change: Mei Yuan, Si Mu Yiqi Xia Ting, Sian, Sian, Sian Li Jingbo Di, Tong Li, Qi Xiong Fanwenzi, S10 Di, Mei Yuan, Si Mu Yiqi, A.U.M. and A.U.M. Mei Yuan, Si Mu Yiqi, A.U.M. and A.U.M. and A.U.M. and A.U.M.

Speaker Change: [inaudible]

Speaker Change: Zhuyao, Ji交在構建全球保險性脫和身份規劃的產品能力

Speaker Change: [inaudible]

Speaker Change: Hua Zhenjigo and IFA and ENM, in the same way as Qing Pan, there will be a special event.

Speaker Change: [inaudible]

Speaker Change: Kuhu Fanping is our biggest news, so we also help Kuhu Zoha to participate in the competition, or participate in the competition. This is the important thing that we do.

Operator: Conference Call. All participants will be in a listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

Speaker Change: [inaudible]

Operator: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press stars in one on your touch tone phone. And to withdraw your question, please press star then two.

Speaker Change: [inaudible]

Operator: This event is being recorded.

Operator: I would now like to turn the conference over to Mr. Melo Xi, investor relations director. Please go ahead, sir. Thank you, operator.

Speaker Change: Thank you, and good morning, or evening to everyone, our domestic business model has undergone significant destructuring, maybe, including the clear separation between our domestic and international business.

Melo Xi: Good morning and welcome to Noah's 2024 second-quarter earnings call.

Melo Xi: Joining me today on the call today are Ms. Wang Jingbo, our co-founder and chair lady, and Mr. Dender In, our co-founder, director and CEO, and Mr. Grant Pan, our CFO. Mr. In will begin with an overview of our recent business highlights followed by Mr. Pan. We'll discuss our financial and operational results.

Speaker Change: Optimization of our operating model and adjustments to our organizational structure and relationship manager team.

Speaker Change: At the results, we are adjusting our financial reporting disclosures. Starting this quarter will begin reporting financial data based on this new or nizational structure, which we believe will provide a more accurate reflection of the progress we are making during this transition.

Melo Xi: They'll all be available to take your questions in the Q&A session that follows. Before we begin, please note that this discussion today will contain four looking statements that are subject to risk and uncertainties that may cause actual results to differ materially from those in our following statements. Potential risk and uncertainties include but are not limited to those outlined in our public findings with the ICC and the Hong Kong Stock Exchange. Noah does not undertake any obligation to update any four looking statements, except as required on the applicable law.

Speaker Change: Therefore, on today's conference call, I will go over our second quarter results, separating them into domestic and international segments, followed by an overview of our growth strategies for both.

Speaker Change: The methodically, we have been adjusting our client service model and deepening the organizational restructuring in recent years to comply with the evolving regulatory requirements.

Speaker Change: Including dividing and deploying themselves personnel to specific independent and licensed business units, namely Noah upfront from distribution, glory insurance brokerage, and go for asset management.

Melo Xi: With that, I would like to pass the call over to Mr. In. Please go ahead.

Speaker Change: Each sales personnel is able to only recommend products and service clients of that specific independent business unit.

Melo Xi: At a group level, our branding and business development departments are responsible for branding, marketing activities, client acquisition, investor education, and other tasks, but will not directly recommend financial products.

Speaker Change: At a group level, our branding and business development departments are responsible for branding, marketing activities, client acquisition, investor education and other tasks, but we will not directly recommend financial products.

Speaker Change: In the global market, we launched a new wealth management brand called R wealth management and continue to expand its overseas RM team with 113 currently on board.

Melo Xi: These RM team with 113 currently on board. Through this offices in Hong Kong, Singapore and the U.S., our provides comprehensive wealth management and value services, targeting the local mentoring speaking population. Likewise, we launched a new overseas asset management grant, all of asset management, which is focusing focused on building a more comprehensive product matrix covering different asset classes globally.

Wu: Wu, the United States, through its offices in Hong Kong Singapore and the U.S. are providing comprehensive wealth management and value exercises, targeting the local management-speaking population.

Wu: Black White, we launch a new overseas asset management grant, all of asset management, which is focusing on building a more comprehensive product matrix, covering different asset classes globally. We have recently established a U.S. product center to deepen the relationship with

Melo Xi: We have recently established a U.S. product center to deepen the relationship with local GPs.

Melo Xi: Under all of us, we're also gradually building out its own dedicated RM team, targeting its institutional clients with non-currently on board.

Wu: On their olives, we're also gradually building out its own dedicated RM team, targeting its institutional clients with non-carnion board.

Melo Xi: In the first half of 2024, we raised U.S. $338 million for overseas private equity products, private equity, private credits and the other primary market products, a significant 40.2% year-on-year increase as a result of the above. Additionally, U.S. Dollar primary AUM and AUA also grew 14.9% and 5.5% year-on-year, respectively. We also launched a new overseas insurance and comprehensive services arm, Glory Family Heritage, which is primarily focused on building global insurance trust and identity planning products and capabilities. Glory has also began establishing a new commission-only agency team and has made multiple progress.

Wu: In the first half of 2024, we raised US$338 million for overseas private equity products, private private equity, private credits, and the other primary market products.

Wu: A significant 40.2% year on Europe increase as a result of the above. Additionally, US Dollar Primary, AUM, and AUA, also grew 14.9% and 5.5% year on Europe respectively.

Wu: We also launched a new overseas insurance and comprehensive services arm, Glory Family Heritage, which is primarily focused on building global insurance, trust, and identity planning products and capabilities.

Unknown Executive: Oliou Asset Management, The main work of the project is a more complete, full of different products and products, and it has become a new product in the United States. [inaudible] Every sales personnel is able to only recommend products and service clients of that specific independent business unit. At a group level, our branding and business development departments are responsible for branding, marketing activities, client acquisition, investor education and other tasks, but will not directly recommend financial products. These RM team with 113 currently on board.

Speaker Change: Lowering has also began establishing a new commission only agency team and has made notable progress. 20 agents are already onboarded.

Melo Xi: 20 agents are already onboarded, with each one already starting to make contributions.

Melo Xi: On the international online wealth management front, we established a dedicated team focusing on serving clients through online channels. With the roll-off of IARC app in different countries and regions, including Singapore, most recently, we're providing services to local Mandarin speaking clients, institutions as well as IFAs, RAs, and EAM, and have already made notable progress.

Speaker Change: with each one already starting to make contributions.

Speaker Change: The International Online Welfare Management Fund, we established a dedicated team focusing on serving clients through online channels.

Speaker Change: with the role-off of IRCAP in different countries and regions, including Singapore most recently.

Speaker Change: We're providing services to local Mandarin speaking clients institutions as well as ISAs, RAAs and EAMs, and have already made notable progress. I'll go into more detail on their operational performance during the quarter later.

Melo Xi: I'll go into more detail on their operational performance during the quarter later. So, medically, while the investment and regulatory environment is becoming increasingly challenging, demand for R&B as an allocation from high-nine-world clients remains strong. We are confident that this industry will continue to generate growth opportunities for us.

Speaker Change: So, massively, while the investment and regulatory environment is becoming increasingly challenging, demand for R&B as the allocation on high-level plans remain strong.

Melo Xi: Our core strategy is client-centric; survival is the bottom line. So, client-centric, in this sense, means prioritizing protection of clients' assets and allocating them to achieve long-term returns, which is central to all of our efforts. Survival is the bottom line, emphasizes our commitment to absolute compliance, managing our team and operations conservatively, even stricter than regulatory requirements.

Speaker Change: We are confident that this industry will continue to generate growth opportunities for us.

Speaker Change: Our core strategy is client-centric, survival is the bottom line. So client-centric in this sense means prioritizing protection of client assets and allocating them to achieve long-term returns, which is central to all of our efforts.

Speaker Change: The final question for you is, is the bottom line that emphasizes our commitment to absolute compliance, managing our team and operations conservatively, even stricter than regulatory requirement.

Melo Xi: Long-term sustainability as our fundamental goal, as we continue to refine our domestic operations.

Speaker Change: Long-term sustainability as our fundamental goal as we continue to refine our domestic operations.

Speaker Change: [inaudible]

Speaker Change: Zhiyan Yin is the chief director of the national team of the national team of the national team

Speaker Change: We believe in the new home of the UNBIO, Huapun, Shoru, Xinxi.

Speaker Change: Li, you have a little bit of experience, and you have a lot of experience, and you have a lot of experience.

Speaker Change: In the future, I will tell you about the future, which is a special role in the future. Next, I will show you a new, special role in the future. Thank you for your support and support for the future.

Melo Xi: This is the first time we've ever been able to develop our domestic operations. This is the first time we've ever been able to develop our domestic operations, as we continue to refine our domestic operations.

Speaker Change: The first time in the country is the city of Guangli, Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin, Zhe Yin,

Speaker Change: [inaudible]

Speaker Change: In the next few weeks, I will show you a way to improve the quality of the product, the quality of the product.

Speaker Change: [inaudible]

Speaker Change: We really want to thank you for your support and support for the past four months. We will also thank you for your support and support for the past four months.

Speaker Change: [inaudible]

Huo Xu: Huo Xu,全就市場的北塔回報.

Speaker Change: 20 years ago, Kudicang is a little bit more than 300,000 yuan. The whole country is a little bit more than 37.5 yuan. The whole population of the country is more than 80,000 yuan.

Melo Xi: Turning to our financials for the quarter, total revenues were RMB 621 million, a decrease of 34.3% year-on-year and 5.1% sequentially, primarily due to our strategic decision to reduce the distribution of various products domestically. Starting this quarter, we have broken down revenues that business units or BUs to more accurately reflect the progress we're making in each area. Going forward, I will use these BUs as the primary framework for updating investors on the performance and operations of each business unit.

Speaker Change: Turning to our financials for the quarter, total revenues were R&B 621 million, a decrease of 34.3 years, per cent year on year, and 5.1 per cent sequentially, for a narrowly due to our strategic decision to reduce the distribution of various products domestically.

Unknown Executive: Through this offices in Hong Kong, Singapore and the U.S., our provides comprehensive wealth management and value services, targeting the local mentoring speaking population.

Speaker Change: Starting this quarter, we have broken down revenues that business units or be used to more accurately reflect the progress we're making each area.

Unknown Executive: Likewise, we launched a new overseas asset management grant, all of asset management, which is focusing focused on building a more comprehensive product matrix covering different asset classes globally.

Speaker Change: I will use these BUs as the primary framework for updating investors on the performance and operations of each business unit. Following my remarks, our CFO Master Pan will provide an analysis of our overall financial performance.

Melo Xi: Following my remarks, our CFO, Mr. Pan, will provide an analysis of our overall financial performance. Firstly, we roll out initiatives to align domestic business with our adjusted strategic direction. These initiatives include the persistent focus on investor education, selecting products that can safeguard climate interest in the long term, effectively reducing costs, and ensuring compliance to drive healthy growth. In the public security segments, the primary products offered are mutual funds and private secondary products, which are distributed through NOAA Updrive. This segment generated RMB 118 million in revenue RMB during the quarter, a decrease of 20.8% year. By the end of the first half of the year, Noah upright had over 10,600 clients with assets over RMB 1 million. Thanks to the outstanding performance of the carefully selected fund managers, we generated over RMB 4 billion profits for our clients during the first half, with 86% of the clients achieving overall positive investment returns. In domestic public markets, we advise our clients to invest in QDII and QDLP products, denominated in RMB to generate data returns from global markets. During the first half of 2024, our QD products generated transaction value of RMB 3.1 billion, with AUM totaling RMB 3.8 billion. The percentage of clients who achieved overall positive investment returns was 82.7%. In the first half of 2021, our QD products generated a lot of positive investment returns from global markets. In the second half of 2021, our QD products generated a lot of positive investment returns from global markets. With RMB 3.8 billion, our QD products generated a lot of positive investment returns from global markets. In the second half of 2021, our QD products generated a lot of positive investment returns from global markets. In the first half of 2021, our QD products generated a lot of positive investment returns from global markets. In the second half of 2021, our QD products generated a lot of positive investment returns from global markets. In the second half of 2021, our QD products generated a lot of positive investment returns from global markets. In the second half of 2021, our QD products generated a lot of positive investment returns from global markets. In the second half of 2021, our QD products generated a lot of positive investment returns from global markets. In the primary market, our investment team has been actively expanding in active strategies. We strengthen the daily supervision and management of our portfolio funds and projects, exploring diverse assets and enhancing dividends of underlying assets to improve DPI. Additionally, the investment team is proactively broadening buyers' market, pursuing asset opportunities through asset acquisition or secondary fund transactions. Successfully generated approximately R&B forebilling in primary market assets during the first half of the year. In the secondary market, private secondary products managed back over primarily focused on deploying R&B to invest in unshore cross-border ETFs, aiming to capture beta returns from the global market.

Unknown Executive: We have recently established a U.S, product center to deepen the relationship with local GPs.

Speaker Change: Firstly, we roll out initiatives to align domestic business with our adjusted strategic direction.

Unknown Executive: Under all of us, we're also gradually building out its own dedicated RM team, targeting its institutional clients with non-currently on board.

Master Pan: These initiatives include the persistent focus on investor education, selecting products that can safeguard client at interest in the long term, effectively reducing cost and ensuring compliance to drive healthy growth.

Master Pan: In the public security segment, the primary products offered are mutual funds and private secondary products, which are distributed through NOAA UPGRAIT.

Speaker Change: The Second Amendment generated R&B 118 million in revenue R&B during the quarter. A decrease of 20.8% year on year.

Unknown Executive: We also launched a new overseas insurance and comprehensive services arm, Glory Family Heritage, which is primarily focused on building global insurance trust and identity planning products and capabilities.

Speaker Change: By the end of the first half of the year, Noah Upright had over 10,600 clients with assets over R&B 1 million.

Speaker Change: Thanks to the outstanding performance of the carefully selected front managers, we generated over R&B 4 billion profits for our clients during the first half. With 86% of the clients achieving overall odds of the investment returns.

Unknown Executive: Glory has also began establishing a new commission only agency team and has made multiple progress. 20 agents are already onboarded, with each one already starting to make contributions.

Speaker Change: In domestic public markets, we advise our clients to invest in QDI and QDLP products, the nominated in R&B to generate data returns from global markets.

Melo Xi: On the International Online wealth management front, we established a dedicated team focusing on serving clients through online channels. With the roll-off of IARC app in different countries and regions, including Singapore, most recently, we're providing services to local Mandarin speaking clients, institutions as well as IFAs, RAs and EAM, and have already made notable progress. I'll go into more detail on their operational performance during the quarter later. So, medically, while the investment and regulatory environment is becoming increasingly challenging, demand for R&B as a allocation from high-nine-world clients remains strong. We are confident that this industry will continue to generate growth opportunities for us.

Speaker Change: In the first half of 2024, our QD products generated transactions value of RMB 3.1 billion with AUS and Poledoling, RMB 3.8 billion. The percentage of clients who achieved overall positive investment returns was 82.7%.

Speaker Change: [inaudible]

Speaker Change: Gapan快 in 2-2 hours, let's talk about 2-1, let's talk about 5-4

Speaker Change: Yin is a small environment. Our investment team needs to support and support the development of the development of the development of the development of the development.

Melo Xi: Our core strategy is client-centric, survival is the bottom line. So, client-centric, in this sense, means prioritizing protection of clients' assets and allocating them to achieve long-term returns, which is central to all of our efforts. Survival is the bottom line, emphasizes our commitment to absolute compliance, managing our team and operations conservatively, even stricter than regulatory requirements. Long-term sustainability as our fundamental goal, as we continue to refine our domestic operations. [inaudible] This is the first time we've ever been able to develop our domestic operations, as we continue to refine our domestic operations.

Speaker Change: [inaudible]

Speaker Change: Jiaqiang, Di Chen, Zzechan, Phen Hong, and DPI. Lili Phamian, head to Phantai,主動作展,買方市場,通過資產病構或SGX交易等方式, 循導吹出機會. 在上半言,實現了約41元的一級市場資產的吹出.

Speaker Change: [inaudible]

Speaker Change: Gao Yan Xin is very fast. In the second episode, we will talk about a few and a few and a few. Anyway, we will talk about the first and third of the three of us. The main reason is that Gao Yan Xin is the first and third of the three of the three of us.

Speaker Change: In the last half year, the National Security Council has been sent to the National Security Council. The entire world and the whole world have been sent to the National Security Council.

Speaker Change: In the future, we will be able to make a decision for our new financial work. We will be able to make a decision for our new financial work.

Speaker Change: [inaudible]

Speaker Change: [inaudible] Dong Xi.

Speaker Change: In the domestic asset management segment, our key products include arm-bead and normative, private equity funds, and arm-be private secondary fund, managed by go-for asset management.

Speaker Change: The second-man-generated total revenue of RMB198 million in the second quarter, a decrease of 5.4% year on year. In the primary market, our investment team has been actively expanding in active strategies.

Speaker Change: We strengthen the daily supervision and management of our portfolio funds and projects.

Speaker Change: X-Loring, that verse acted.

Speaker Change: and Enhancing Dividend of Omelowing Asset to improve DPI.

Speaker Change: Additionally, the investment team is proactively broadening by your market, pursuing actual opportunities to add acquisition or secondary fund transaction.

Speaker Change: successfully generated, approximately R&B 4 billing in primary market access during the first half of the year.

Speaker Change: In the Secondary Market, private secondary products manage back over primarily focused on deploying R&B to be invested in an unshore cross-border ETS, aiming to capture beta returns from the global market.

Melo Xi: In the domestic insurance brokerage segment, total revenue during the quarter was R&B 12 million at 93.1% year-on-year decrease, which was primarily due to concerns over the underlying asset quality of insurance firms, which resulted in temporarily suspending the distribution of domestic insurance products in the first half. While we conducted thorough due diligence on these existing insurance products and underlying assets. During this period, we repositioned the strategic focus of our insurance business, identifying medical and retirement caring insurance as key products to drive our efforts forward. We have clearly defined the strategic direction of our business domestically, launched insurance products centered on retirement and global healthcare solution.

Speaker Change: In the domestic insurance brokerage statement, total revenue during the quarter was R&B 12th Manning, at 93.1% year on year decrease.

Melo Xi: Starting this quarter, we have broken down revenues that business units or BUs to more accurately reflect the progress we're making in each area. Going forward, I will use these BUs as the primary framework for updating investors on the performance and operations of each business unit.

Speaker Change: which was primarily due to concerns over the underlying asset quality of insurance firms, which resulted in not temporarily suspending the distribution of domestic insurance products in the first half. While we conducted thorough due diligence on these existing insurance products and underlying assets.

Melo Xi: Following my remarks, our CFO Mr. Pan will provide an analysis of our overall financial performance. Firstly, we roll out initiatives to align domestic business with our adjusted strategic direction. These initiatives include the persistent focus on investor education, selecting products that can safeguard climate interest in the long term, effectively reducing costs and ensuring compliance to drive healthy growth. In the public security segments, the primary products offered are mutual funds and private secondary products, which are distributed through NOAA Updrive.

Speaker Change: During this period, we reposition to strategic focus of our insurance business, identifying medical and retirement caring insurance as key products to drive our efforts forward.

Speaker Change: We have clearly defined the strategic direction of our business domestically.

Speaker Change: Longed insurance products centered on retirement and global health care solution.

Melo Xi: We're confident in this new positioning as these products align well with the needs of Noah Clyde, entrepreneurs and business leaders born in the age of the 1930s, 60s, and 70s era, who are seeking retirement, healthcare, and elderly care resources for themselves and their aging parents. In addition, the potential to increase the potential of domestic self-reliance, in the end, in fact, we are in the influence of the high-level customer management and development of our insurance company.

Speaker Change: We're confident in this new positioning as these products align well with the needs of lower clients.

Speaker Change: [inaudible]

Melo Xi: This segment generated RMB 118 million in revenue RMB during the quarter, a decrease of 20.8% year By the end of the first half of the year, Noah upright had over 10,600 clients with assets over RMB 1 million Thanks to the outstanding performance of the carefully selected fund managers, we generated over RMB 4 billion profits for our clients during the first half With 86% of the clients achieving overall positive investment returns In domestic public markets, we advise our clients to invest in QDII and QDLP products, denominated in RMB to generate data returns from global markets During the first half of 2024, our QD products generated transaction value of RMB 3.1 billion with AUM totaling RMB 3.8 billion The percentage of clients who achieved overall positive investment returns was 82.7% In the first half of 2021, our QD products generated a lot of positive investment returns from global markets In the second half of 2021, our QD products generated a lot of positive investment returns from global markets[inaudible] In the second half of 2021, our QD products generated a lot of positive investment returns from global markets In the second half of 2021, our QD products generated a lot of positive investment returns from global markets[inaudible] In the primary market, our investment team has been actively expanding in active strategies We strengthen the daily supervision and management of our portfolio funds and projects Exploring diverse assets and enhancing dividends of underlying assets to improve DPI Additionally, the investment team is proactively broadening buyers' market, pursuing asset opportunities through asset acquisition or secondary fund transactions Successfully generated approximately R&B forebilling in primary market assets during the first half of the year In the secondary market, private secondary products managed back over primarily focused on deploying R&B to invest in unshore cross-border ETFs, aiming to capture beta returns from the global market.

Speaker Change: [inaudible]

Speaker Change: Gui Ji County, Taiwan, Hong Kong and Xinjiang Bo, Mei Bo, Wei Chong Xin

Speaker Change: [inaudible]

Speaker Change: The most important part is that we are in the future, and we will be able to take care of the future and the future of the future.

Speaker Change: 24 years old, 20 years old, Luoyan, Hong Kong, He Xinjiang, there are 113, which is a total of 118,000, which is 242,000,

Speaker Change: [inaudible] Bahaan, 85.3% of the population is 70.4% of the population.

Melo Xi: In the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end, in the end in the end, in the end, in the end, in the end in the end, in the end, The international competition is currently in the middle of the night.

Speaker Change: Hello and welcome to the new episode of the New Year's Eve. We are also in the New Year's Eve of the New Year's Eve.

Speaker Change: So, the United States's participation in China has already been completed, the main role of the U.S. Secretary-General of the United States, Fang De Fang, and…

Speaker Change: Shan Shan Ting, Yiji Bao Jian He Xin Tuo Deng, Zhong He Fu

Speaker Change: and the United States and the United States are also preparing for the war in the past few years.

Speaker Change: Yixi, Aji, Du Mo, Luo Ya, Boji, Zhu, Chuk, Chuk, Chuk, I-16700, Tong Li, Qi Xie, 100%, 20%.

Speaker Change: Tian Jingguan, Li Ji Kehu Shuo, Da Da Wu Qian Ling, 47% Tong Li Zhen Zhang, 100% Lin Yi Di Yichuan Xiaowai, Tong Fang Shu, Zhen Luoyan, Jing Jing, Zhe Tang, Guanyi, Kehu Shuo Da Da 909人, Guanyi Zhen Zhang, 100% Lin Li Zhen Liu

Melo Xi: In the mid-20th century, around 725,000, and more than a hundred percent, 221.9%.

Speaker Change: [inaudible]

Melo Xi: We have already put IRC and APT in Singapore, and other countries will continue to carry out this strategy.

Speaker Change: 821.9

AAPP: I'm AAPP, in Xinjiang, Florida, and I'm also going to continue to support this.

Melo Xi: In fact, we are currently in the middle of the event, and our customers are also in the competition.

AAPP: [inaudible]

Melo Xi: We have already put a lot of effort into the European competition.

Melo Xi: The international competition is currently in the middle of the night.

AAPP: [inaudible]

Speaker Change: Qi Zhong, Mei Yuan, Guo Mu Ji Jing, Huo Yue, Ke Wu Shu, Da Da, Liang Qian, 822人, Tong Li, Zhen Zhang, 180.1, Mu Ji, Wei Mo, Da Da, 4.8億, Tong Li, Zhen Zhang, 880.5.

Speaker Change: For B-end overseas Chinese institutional clients, the fundraising scale of overseas products in the second quarter reached 70 million USD, an increase of 84.8% year-on-year. The stock scale reached 190 million USD, an increase of 46% year-on-year.

Speaker Change: In the Aegean Fee, Kouwu Fangmian, Puehde Kouwu Fangmian

Speaker Change: [inaudible]

Speaker Change: Internationaly, our strategic direction is clearly focused on expanding the global market.

Speaker Change: Key initiatives include enhancing our product matrix, improving operational efficiency, and serving both Mandarin-speaking clients and business already in overseas, and those preparing to move abroad.

Melo Xi: In the domestic insurance brokerage segment, total revenue during the quarter was R&B 12 million at 93.1% year-on-year decrease, which was primarily due to concerns over the underlying asset quality of insurance firms, which resulted in temporarily suspending the distribution of domestic insurance products in the first half. While we conducted thorough due diligence on these existing insurance products and underlying assets. During this period, we repositioned strategic focus of our insurance business, identifying medical and retirement caring insurance as key products to drive our efforts forward.

Speaker Change: Successfully serving our existing clients while driving new client acquisition growth is crucial to our success.

Speaker Change: In our overseas wealth management business, we launched two new brands, ARC wealth management for offline services and IRC for online services.

Wang: Wang, our offline international wealth management operations focused on Hong Kong, Singapore, and the U.S. where we serve existing clients and expanding our businesses by targeting Mandarin-speaking clients.

Wang: We continue to expand our overseas RM team and enhance our professional service capabilities to strengthen local client acquisition capabilities and capture a larger share of their wallet.

Melo Xi: We have clearly defined the strategic direction of our business domestically, launched insurance products centered on retirement and global healthcare solution. We're confident in this new positioning as these products align well with the needs of Noah Clyde, entrepreneurs and business leaders born in the age of the 1930s, 60s and 70s era, who are seeking retirement, healthcare and elderly care resources for themselves and their aging parents.

Wang: I've the second quarter of 2024, Noah had 113 relationship managers in Hong Kong and Singapore. An increase of 101.8% year on year and 24.2% sequentially.

Wang: Over these AUA, including distributed products, reached US dollar 8.5 billion, a 7.4% year-on-year increase.

Wang: for overseas new market expansion, we expect to complete the establishment of our branch offices in Japan and Dubai by the end of the year. We're also actively expanding our footprint in the U.S.

Melo Xi: We're also actually expanding our footprints in the US. With our U.S. product center, our service now in the U.S., actively managed VC funds, rental apartment funds, fund funds, and external partner products, also comprehensive services like insurance and family trust. Establishments of our wealth management business in the U.S.

Speaker Change: With our U.S. product center, our service now in the U.S. Compass, and Compass, actually managed BC funds, rental apartments funds, fund funds, and external partner products. Also, comprehensive services like insurance and family trucks.

Melo Xi: are also well on their way, and we anticipate completing the groundwork within this year. By the end of the second quarter, the number of overseas registered clients exceeded 16,700 and increased of 23% year-on-year. The number of clients who purchased our cash management products reached 5,047, a remarkable increase of 101.2% year-on-year. While the number of discretionary investment costs reached 959, an increase of 103.6% sequentially, start year-on-year. Our online international wealth management business, which includes money market mutual funds and securities trading, generated total revenue of RMB 7 million during the quarter, an increase of 221.9% year-on-year.

Wang: Wang, a establishment of our wealth management business in the U.S. are also well on their way. And we anticipate completing the groundwork within this year.

Unknown Executive: [inaudible] in the end, in the end, in the end, in the end in the end, in the end,[inaudible] With our U.S.

Wang: by the end of the second quarter, the number of overseas registered clients exceeded 16,700. I increase a 23% year-on-year.

Wang: The number of clients will purchase or pass management products reached 5,047, a remarkable increase of 111.2% year on year.

Wang: Wang, the number of discretionary investment clients reached 959, an increase of 103.6% sequentially.

Wang: [inaudible]

Wang: Our online international wealth management business, which includes money-marking mutual funds and security trading, generated full revenue of RMB 7 million.

Melo Xi: We have already successfully launched IRG Act in Singapore and will continue to implement the same in other regions. As our online product can expand, our client base is also growing, allowing us to provide tailored solutions for both individual and institutional clients. In the second quarter, the number of overseas active high-net-worth clients reached 3,244, an increase of 62.8% year-on-year. Total transaction value during the same period reached US dollar 1.1 billion, up 40.4% year-on-year. The number of active clients for US dollar mutual funds reached 2,822, an increase of 108.1% year-on-year. The transaction value with the transaction value of US dollar 484 million, up 80.5% year-on-year.

Wang: [inaudible]

Wang: As our online product is spent, our client base is also growing, allowing us to provide tailored solutions for both individual and institutional clients.

Wang: In the second quarter, the number of the overseas active high-nailworks clients reached 3,244, an increase of 62.8% year on year.

Speaker Change: President, Total Transaction Value during the same period, reached US dollar 1.1 billion, up to 40.4% year and year.

Speaker Change: The number of active clients for US dollar mutual funds reached 2,822, an increase of 108.1% year. The transaction value with the transaction value of US dollar 484 million.

Melo Xi: In terms of overseas transaction value for corporate institutional clients reached US dollar 70 million in the second quarter, an increase of 84.8% year-on-year, while the U.S. AUA reached US dollar 185 million year-on-year increase of 46%.

Speaker Change: 80.5% year or a year.

Speaker Change: In terms of overseas transaction value for corporate institutional clients, which U.S. dollar 70 million in the second quarter, an increase of 84.8% year, while the U.S. A U.A. reached U.S. dollar.

Speaker Change: 185 million and year and year increase of 46%

Melo Xi: Our online international wealth management business began trial operations for agency clients in late 2020-23. Empowering EAM, IRA's and Family Office clients with the SaaS platform integrated with our full suite of products.

Speaker Change: Our online international wealth management business, began trial operations for agency clients in late .200.

Speaker Change: 23. Empowering EAM, IRA and family office clients with the staff platform integrated with our full suite of products. Today, we have signed more than 20 agency clients.

Melo Xi: To date, we have signed more than 20 agency clients.

Melo Xi: In terms of domestic property management, we have to include overseas capital management, and the three options for domestic investment products and non-profit public financial products. In terms of domestic investment, US dollar 1.5 billion, up to 46.2% year-on-year increase of 46.2% year-on-year increase of 46.2% year-on-year increase of 46.2% year-on-year increase of 46.2% year-on-year increase of. On the 15th of May, the 14.1% growth rate from 21.8% to 25.4% is also from 21.8% to 25.4%. The global market in the overseas market has reached 40.7% of the total growth rate from 14.9%. The global market in the overseas market has reached 50.5% of the total growth rate from 21.8% to 25.4%.

Speaker Change: [inaudible]

Speaker Change: Hanzi Chongjikin, Keiko Hua,等二級產品的每年絲魔二級投資產品,全體目級次億每人同比七升百分之二十三年絲節奏二級督末主動管理產品的海外AUSM達到百分之五十三年八億每年

Speaker Change: 533.8億美元, from the current 14.1億美元, the government, the AUSM, also from 21.8% to 25.4% [inaudible]

Speaker Change: Hai外 Tsumu Gujian等一起市場, Beijing A&M達到40.7億美元,同比增長14.9億美元

Speaker Change: We will not be able to stay here for 3-5 years.

Speaker Change: Jiang, Han, Dai Xiao, Chen Ting, the US, A.A. from the beginning of the 8th year, 7th year, 200, 200 years.

Speaker Change: in the next episode.

Speaker Change: Tong Guo's glory品牌.

Speaker Change: Wei Kehu提供全球保險等中和機中和解決犯案

Speaker Change: This segment achieved a total revenue of 100 million in the second quarter, a year-on-year decrease of 52.6%. The main reasons for the decline in revenue are due to intensified competition in the Hong Kong market, increasing product homogenization, and adverse reactions in market competition.

Wei Ying: Wei Ying, this is the first challenge. We will challenge the most successful and successful success.

Speaker Change: Chen Mi Xing, from the beginning of the development of the Chinese Communist Party and the development of the Chinese Communist Party, the development of Chinese Communist Party.

Speaker Change: Wei Dahu Wu提出藥源保險等地加西端的中和解決犯以及在新加坡美國百目大燈等地持續的中和產品的組合為客戶提供全球專屬的保險配置解決犯其分我們在插意化產品和專業服務的競爭優勢

Melo Xi: The global market in the overseas market has reached 50.5% of the total growth rate from 21.8%.

Melo Xi: The global market in the overseas market has reached 50.5%. To address these challenges, we strengthened our customized product services for key clients and partners with leading insurance companies to develop exclusives and customized products. We also launched comprehensive businesses and individual solutions, such as VIP insurance for major clients, and continued to build a diverse product portfolio in Singapore, the U.S. and Burmuda, providing clients with globally tailored insurance solutions. These efforts have enhanced our competitive edge through differentiated products and professional services. Additionally, we are encouraged by the Hong Kong Insurance Reconciliation Authority's efforts to strengthen the management and penalties for malicious competition, such as excessive commission rebate.

Wang Xi: Wang Xi, we believe in the future, and the future, and the future of the world, and the future of the world.

Chang Xi: Chang Xi, let's make a statement from the Ministry of Health and Health and Health and Health. The Ministry of Health and Health and Health and Health and Health and Health and Health and Health, is a very good decision.

Melo Xi: product center, our service now in the U.S., actively managed VC funds, rental apartment funds, fund funds, and external partner products, also comprehensive services like insurance and family trust. Establishments of our wealth management business in the U.S, are also well on their way and we anticipate completing the groundwork within this year. By the end of the second quarter, the number of overseas registered clients exceeded 16,700 and increased of 23% year-on-year. The number of clients who purchased our cash management products reached 5,047, a remarkable increase of 101.2% year-on-year.

Speaker Change: I'm the international as a management front, our key offerings include actively managed and external managed alternative investment products, as well as non-monny market mutual fund products.

Speaker Change: 2nd quarter, transaction value for U.S. dollar private equity products reach U.S. dollar 152 million. Significant increase of 46-2% year on year.

Speaker Change: Transaction value of U.S. dollar private secondary products, including hedge funds and structure products, which U.S. dollar 41 million, I increase a 23% young year.

Speaker Change: and the end of the second quarter, a yuan for overseas products reached US dollar, but 5.4.

Melo Xi: While the number of discretionary investment costs reached 959, an increase of 103.6% sequentially start year-on-year. Our online international wealth management business, which includes money market mutual funds and securities trading, generated total revenue of RMB7 million during the quarter, an increase of 221.9% year-on-year. We have already successfully launched IRG Act in Singapore and will continue to implement the same in other regions. As our online product can expand, our client base is also growing, allowing us to provide tailored solutions for both individual and institutional clients.

Speaker Change: Billion, a 14% year-end year increase and a counting for 25% of the total revenue, a total AUM compared with 21.8% during the same period last year.

Speaker Change: A U.N. for overseas private equity and other primary market funds reached U.S. dollar for from 1 billion, a 14.9% year on year increase.

Speaker Change: are going to increase US dollar AUA, including internally managed products from the current US dollar 8 billion to over 20 billion within the next 3 to 5 years.

Speaker Change: In the insurance product segment, we provide comprehensive solutions, including global insurance products to climb through our glory grant.

Speaker Change: The excitement generated total revenue of RMB 101 million in the second quarter, a decrease of 52.6% year and year.

Melo Xi: In the second quarter, the number of overseas active high-net-worth clients reached 3,244, an increase of 62.8% year-on-year. Total transaction value during the same period reached US dollar 1.1 billion, up 40.4% year-on-year. The number of active clients for US dollar mutual funds reached 2822, an increase of 108.1% year-on-year. The transaction value with the transaction value of US dollar 484 million, up 80.5% year-on-year. In terms of overseas transaction value for corporate institutional clients reached US dollar 70 million in the second quarter, an increase of 84.8% year-on-year, while the U.S. AUA reached US dollar 185 million year-on-year increase of 46%.

Speaker Change: for an early due to the intensified competition in Hong Kong market, increasing product homogeneity and the prevalence of malicious market competitions for commission rebates.

Speaker Change: To address these challenges, we strengthened our customized product services for key clients and partners with leading insurance companies to develop exclusive and customized products. We also launched comprehensive businesses and individual solutions such as VIP insurance for major clients.

Speaker Change: and continued to build a diverse product for following Singapore, the U.S. and Burmuda.

Speaker Change: Providing clients with globally tailored insurance solutions.

Speaker Change: These experts have enhanced our competitive edge through differentiated products and professional services.

Speaker Change: Additionally, were encouraged by the Hong Kong Insurance regulatory authorities efforts to strengthen the management and penalties for malicious competition, such as excessive commission rebate.

Melo Xi: In the long run, we believe customers will benefit from a healthier competitive environment in the industry. By utilizing regulated institutions like NOAA for integrated wealth management and insurance solutions, clients can expect lower cost and better service.

Speaker Change: In the long run, we believe cut-and-mars will benefit from a healthier, competitive environment in the industry.

Speaker Change: by utilizing regulated institutions like NOAA for integrated wealth management and insurance solutions, clients can expect lower calls and better service.

Unknown Executive: In terms of domestic property management, we have to include overseas capital management, and the three options for domestic investment products and non-profit public financial products. In terms of domestic investment, US dollar 1.5 billion, up to 46.2% year-on-year increase of 46.2% year-on-year[inaudible] 13.8 billion yuan, 14.1% of the growth rate, from 21.8% to 25.4% of the growth rate. The global market in the overseas market has reached 40.7 billion yuan, and 14.9% of the growth rate.

Speaker Change: [inaudible]

Speaker Change: But for us, this is a necessary process. We have already clarified our strategy of refining domestically and expanding internationally, and we remain firmly confident in the wealth management market for high-net-worth Chinese clients globally.

Melo Xi: In the long run, we believe that we will be able to provide a better service for our customers and our customers, and we believe that we will be able to provide a better service for our customers and our customers, and we will be able to provide a better service for our customers and our customers and our customers, and we will be able to provide a better service for our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers can expect lower cost and better service for our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers can expect lower cost and better service for our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers and our customers We believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe 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believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe that we believe Given the management team and the board of directors' confidence in the expensive opportunities in the wealth management industry for global management speaking clients, we are rewarding long-term shareholders who have supported Noah's development during this transition phase through enhanced shareholder return with initiatives.

Speaker Change: [inaudible]

Speaker Change: Tai Fu Guan Li is a Tang Tian Shi Yan. We are from the Shi Yanjiang, which will give you a chance to make a country with a lot of Tang Tian Shi Li's family.

Speaker Change: [inaudible]

Unknown Executive: Our goal is to increase the growth rate from 80 billion yuan to 200 billion yuan per year, to ensure that the growth rate of the growth rate of the growth rate of the growth rate of the growth rate of the growth rate,[inaudible] On the international as a management front, our key offerings include actively managed and externally managed alternatively medicine products as well as non-money market mutual fund products as well as non-money market mutual fund products[inaudible] To address these challenges, we strengthened our customized product services for key clients and partners with leading insurance companies to develop exclusives and customized products. We also launched comprehensive businesses and individual solutions such as VIP insurance for major clients and continued to build a diverse product portfolio in Singapore, the U.S, and Burmuda, providing clients with globally tailored insurance solutions. These efforts have enhanced our competitive edge through differentiated products and professional services.

Speaker Change: In the last 15-15 days, Chang Hui, Gu Donghui, Bavaria, and the last 500,000-200,000-200,000-200,000-200.

Speaker Change: We believe in the first generation of the national team, which has a very small company, Aoi and Zhe本, which are also very small, and is also very important to ensure that the national team is successful.

Speaker Change: Ji Da's family.

Speaker Change: Next time, I'd like to thank you for watching the video, please subscribe to my channel and press the bell icon to be notified when I'm done with the video.

Speaker Change: In summary, while we anticipate a slowdown in the performance of our business overall, in the next few quarters due to external challenges, in our internal transformation. We view this as a necessary space in our growth trajectory.

Speaker Change: We have clearly defined our strategy of refining the domestic market and expanding the international market and remain confident in the world's management opportunities available for global and out-worth-mendern speaking clients.

Speaker Change: The separation of our domestic and international businesses enhances our ability to serve client and ensure its better compliance.

Speaker Change: We believe that Walsh Management segment is a long-term endeavor and the initiatives we have implemented will deliver long-term value to our clients, shareholders and management team.

Speaker Change: The management team and the board of directors confidence in the expensive opportunities in the wealth management industry for global mentoring-speaking clients. We are rewarding long-term shareholders who have supported NOAA's development during this transition phase through enhanced shareholder return with initiatives.

Melo Xi: Leveraging our healthy balance sheet, the board has authorized the US$15,000,000 share repurchase program. The share repurchase plan does not form a part of our corporate action budget under our new capital management and shareholder return policy. We believe that our stock is deeply undervalued, and this share repurchase program will effectively enhance our ROE and capital allocation efficiency while also reflecting our unwavering commitment to prioritizing shareholder interests and delivering sustained returns.

Speaker Change: Leveraging our healthy balance sheet, the board has authorized the US dollar $15 million for the project program.

Speaker Change: The Share Repurchase Plan does not form a part of our Cooper Action Budget, under a new capital management and shareholder return policy.

Speaker Change: We believe that our stock is deeply undervalued and this shared with purchase program will effectively enhance our ROE and capital allocation efficiency.

Grant: Wang, I'm also reflecting our unwavering commitment to prioritizing shareholder interest and delivering sustained returns. I would now like to turn the call over to Grant to go over financial results in more detail, as well as the details of the research program. Thank you everyone.

Grant Pan: I would now like to turn the call over to Grant to go over financial results in more detail, as well as the details of the repurchase program. Thank you, everyone.

Grant Pan: Thanks, Melo, and thank you, vendor, and greetings to everyone joining us today. During the first half of 2024, our total revenues were RMB 1.3 billion, a decrease of 27.5% year-over-year. The short-term pressure on the performance is managed due to the challenges brought about the transformation as just described by our CEO vendor. As you noted, we are undergoing a profound transformation on the RMSERD model and are actively adjusting the business directions of several business units.

Grant: Thanks, Melo, and thank you, Vendor, and greetings to everyone joining us today.

XI: Xi, during the first half of 2024, a total revenue for R&B 1.3 going a decrease of 27.5% year over year.

Speaker Change: the Shurking Pressure on the performance, it mainly due to the challenges brought about the transformation as just described by our CEO, Nenderer.

Speaker Change: As you noted, we're undergoing a profound transformation on the RN-3 model and are actively adjusting the business directions of several business units.

Grant Pan: This division-making process has been awful, but it has taken some time to ensure that we are making strategic choices that align with our long-term vision and client interests. While the path forward is clear now, it also takes some time to optimize the processes involved and ensure that they could smoothly integrate it into our sales and service activities. In the short-term, the integration of the new sales processes is indeed more intricate and time-consuming. It's crucial for our sales team to have the time needed to adapt to these changes and their new roads.

Speaker Change: This physician-making process has been thoughtful, but they have taken them from time to ensure that we're making strategic choices that align with our long-term vision and client inputs.

Wang Xi: Wang, or the past world we're just clear now, it also takes some time to optimize the process these emails and ensure that they could smoothly integrate it into our sales and service activities.

Speaker Change: In this short term, the integration of the New Sales Processes are indeed more intricate and time consuming. It's crucial for our sales team to have the time needed to adapt to these changes and their new roles.

Unknown Executive: Additionally, we're encouraged by the Hong Kong insurance regulatory authorities' efforts to strengthen the management and penalties for malicious competition, such as excessive commission rebate. In the long run, we believe customers will benefit from a healthier competitive environment in the industry, by utilizing regulated institutions like NOAA for integrated wealth management and insurance solutions, clients expect lower cost and better service.

Grant Pan: This transition, however, will lead to a greater success in terms of serving the client's interests, but with a temporary dip in sales efficiency and short impression.

Speaker Change: the Transition, however, will lead to a greater success in terms of serving the class interest, but with a temporary gift, instilled efficiency and short impression.

Grant Pan: Now let's get into the details of financial. Starting this quarter, we have included additional disclosures of revenues by product category and global metrics in the supplemental information section of our release. This enhanced disclosure will provide a more precise picture of our strategic direction, enabling investors to track our business development efforts on a global basis, assess the development stages and financial contributions of our various businesses as to how they align with our resource allocation. The encouraging sign that our US dollar investment products conformed well, generating stronger transaction value and increasingly contributing to revenues. As the best hire for longer interest relapsed, the demand for US dollar cash management products remains strong in the first half of the year, with revenues increasing 278% year over year, and the revenue growth in US dollar alternative investment products was also impressive.

Speaker Change: Now let's get into the details of the financial.

Speaker Change: Starting the quarter, we have included additional disclosures that revenues by product category and global metric in the supplemental information section number relief.

Speaker Change: The enhanced disclosure will provide a more precise picture of our strategic direction, enabling investors to track our business development efforts on a global basis.

Speaker Change: A Seth the development stages and financial contributions of our various businesses at the Hollywood Alliance with our resource allocation.

Speaker Change: The encouraging times that our U.S. following investment products performed well, generating stronger transaction value and increasingly contributing to revenue.

Speaker Change: As the press higher for longerings is re-lafted, the demand for U.S. dollar cash management products remain strong in the first half of the year.

Speaker Change: and Revenue's increasing 278% year over year. And the Revenue Group, the U.S. on the alternative investment products, will also impress us.

Grant Pan: On a comparable basis, excluding the impact of one of performance-based income, the revenue contribution of US dollar alternative investment products increased by 9.3% year over year to RMB 245 year during the first half. In addition, their share of total one-time commissions and recurring service fees increased from 14.9% to 21%. However, revenue from global insurance products slowed down due to the higher competitive market environment. Continuing on the positive side, overseas total net revenues in the top reached RMB585, accounting for 46% of the total net revenues, up from 41%. During the same period last year.

Speaker Change: and the company will basically exclude an impact, one out of the performance based in the company. The revenue contribution of year dollar, obtained in investment dollars, increased by 9.3% year over year to RMB 245 million during the first half.

Speaker Change: In addition, their share of total one-time commissions and recurrence services increased from 14.9% to 21%.

Melo Xi: [inaudible] Given the management team and the board of directors' confidence in the expensive opportunities in the wealth management industry for global management speaking clients, we are rewarding long-term shareholders who have supported Noah's development during this transition phase through enhanced shareholder return with initiatives.

Speaker Change: However, revenue from global insurance products slowed down due to the higher...

Speaker Change: Competitive marketing environment, continuing on the public side, all of these total net revenues in the fertile, reached RMB 585 million, accounting for 46% of the total net revenues up from 41%. During the same period last year.

Grant Pan: Our domestic business, the revenue decline was significant, many attributed to the realignment of our business focus. In line with our CEO, House View, would have slowed down the distribution of domestic investment insurance products and also RMBRP products. The focus of RMB secondary product has been shifted towards QDII and QDLP offering. For clients to capture growth opportunities outwearing the growth, especially in a stronger US equity market. On a quarterly basis, our total net revenues were RMB616 million during the second quarter, a decrease of 34.6% year over year at 5.2% to cancel it. By revenue type, one-time commissions fell 26.9% sequentially to RMB 136 million, mainly due to reduced insurance product distribution.

Speaker Change: the Mathematics Business, the revenue decline was significant, many affiliated to the reality of our business focus.

Speaker Change: In line with our yellow house view, we have floating down the distribution of domestic investment insurance college.

Speaker Change: R&D RP products.

Speaker Change: The focus of R&B, secondary college has been shifted towards QDI and QDLP offering.

Speaker Change: [inaudible] Zhe Yin, Zhe Yin, [inaudible]

Speaker Change: On a quarterly basis, I'll tell the net revenues, why I'm the 616 million during the second quarter, a decrease of 34.6% year over year at 5.2% to 20%.

Speaker Change: by Revenue Type, one-time commission, well, 26.9% sequentially to RMB 136 million, mainly due to reduced insurance product distribution.

Grant Pan: Recurring services dipped slightly to 0.9% sequentially to RMB404 million, primarily influenced by secrets in our AUM. Performance-based income saw a robust 95%, 95% sequentially increased to RMB28 million, driven by exits from private equity investments. Notably, CS1PE RMB secondary fund, managed by Gover, generated carry income of RMB 12 million, reflecting our continuing efforts in exiting domestic P products and thereby delivering substantial returns to our clients. In terms of transaction values, we distributed RMB 33.3 billion during the first half of the year, down 5% year over year, reflecting a continued shift towards USD products. Specifically, RMB transaction values fell 30% year over year to RMB 17 million, a transaction value of US$, increased by 45.6% to USD 2.3 billion.

Speaker Change: Recurring service fees dipped slightly to 0.9% sequentially to RMB444 million. Primarily influenced by a decrease in R2AUM.

Melo Xi: Leveraging our healthy balance sheet, the board has authorized the US$15,000,000 share repurchase program.

Speaker Change: Department of State income, so a robust 95% 95% sequential increase to arm the 28 million. Remember, I exit from private equity investment.

Melo Xi: The share repurchase plan does not form a part of our corporate action budget under our new capital management and shareholder return policy. We believe that our stock is deeply undervalued and this share repurchase program will effectively enhance our ROE and capital allocation efficiency while also reflecting our unwavering commitment to prioritizing shareholder interests and delivering sustained returns.

Speaker Change: Noteably, CS1, P.E.R.M.D.E.S.E.R.M.D.

Speaker Change #100: Managed by GoPro, generated carry income of RM12 million.

Speaker Change #100: Resolving our continuing efforts in exiting domestic P products and thereby delivering substantial returns to our clients.

Melo Xi: I would now like to turn the call over to Grant to go over financial results in more detail as well as the details of the repurchase program. Thank you everyone.

Speaker Change #101: In terms of transaction values, we distributed R and B30, 3.3 billion in products during the first half of the year, down 5% year of year, reflecting a continuous shift towards the SD products.

Grant Pan: Thanks Melo and thank you vendor and greetings to everyone joining us today. During the first half of 2024, our total revenues were RMB 1.3 billion, a decrease of 27.5% year-over-year. The short-term pressure on the performance is managed due to the challenges brought about the transformation as just described by our CEO vendor.

Speaker Change #101: The typically RMB transaction values for 30% year over year to RMB 17-billion, but transaction value of U-Sounds, includes by 45.6% ERC, 2.3 billion.

Grant Pan: The proportion of US dollar products, you know, total transaction value has increased significantly, therefore, from 31% last year to 49% this year. This quarter also observed the clear time that our clients are increasingly interested in the wider, wider array of US dollar investment products, moving beyond just cash management solutions in particular. A long-term alternative US dollar investment product, including private equity, private security, and private credit products, have seen a notable increase in demand, raising US dollar 463 million in the first half of substantial 39% increase year over year. These products are said to deliver a consistent flow of recurrence rates for us in a longer time.

Speaker Change #101: the proportion of US dollar products in a total transaction value has increased significantly there for from 31% last year to 49% this year.

Grant Pan: As you noted, we are undergoing a profound transformation on the RMSERD model and are actively adjusting the business directions of several business units. This division-making process has been awful, but it has taken some time to ensure that we are making strategic choices that align with our long-term vision and client interests. While the path forward is clear now, it also takes some time to optimize the processes involved and ensure that they could smoothly integrate it into our sales and service activities. In the short-term, the integration of the new sales processes are indeed more intricate and time-consuming. It's crucial for our sales team to have the time needed to adapt to these changes and their new roads.

Speaker Change #102: This quarter was observed the clear time that our clients increasingly interested in the wider way of the Islamic method and thought of moving beyond just past management solutions in particular.

Grant Pan: This transition, however, will lead to a greater success in terms of serving the client's interests but with a temporary dip in sales efficiency and short impression.

Speaker Change #103: A long-term autism-to-beer-solving methods including private equity, private security and private credit policy have seen a notable increase in demand.

Speaker Change #103: Razing U.S. dollar 463 million in the first half of substantial 39% increase year over year. These products are set for deliberate consistent flow of recurrence for these products in a longer time.

Grant Pan: Our AUM and AUA remains stable overall, with the decline in the RMBR AUM and AUA due to ongoing exits, while the US dollar AUM and AUA picked up its growth. At the end of second quarter, our US dollar AUM grew significantly by 14% year over year and 4.4% sequentially. The US dollar AUA grew by 7.4% year over year and 2.5% sequentially, reflecting our ability to capture a larger share of clients' US dollar wallets. Moving on to the income statement, operating costs make sense as well by 18.7% year over year during the quarter and almost 10% year over year during the first half of 2024, reflecting continuing efforts of controlling costs.

Speaker Change #104: Our AUM and AUA remain stable overall with the decline in the RMB, our AUM and AUA keep you ongoing as this while the U.S. or AUM and AUA at top is growth.

Speaker Change #104: In the end of Second Quarter, our US dollar AOM group is significantly by 14% year over year and 4.4% at the 2.5.

Speaker Change #104: the San sequentially reflecting our ability to capture a larger share of clients used on a wallets.

Speaker Change #104: Moving on to the income statement, operating costs makes friends as well by 18.7% year over year during the quarter and almost 10% year over year during the first half of 2024 reflecting continuing efforts of controlling costs.

Grant Pan: Compensation and benefits decreased significantly by over 20% both year over year and sequentially. As mentioned last quarter, we're continuing to consolidate our network centers in smaller cities and further improve human capital efficiency by reducing overhead costs. While the financial benefits of these optimizations might not be immediately fully apparent, we're now starting to see the cost savings in our latest financials. Selling expenses, general and administrative expenses go sharply by 19% year over year and increased 6.3% sequentially. The slight sequential increase was primarily driven by technology-related costs. Operating profits for the quarter increased by 10.3% sequentially to RMB 134 million, by operating margin expanded by 3.1% to 21.8%.

Speaker Change #104: Company Station Panifistic Police, specifically by over 20%, both year over year and sequentially.

Grant Pan: The encouraging sign that our US dollar investment products conformed well, generating stronger transaction value and increasingly contributing to revenues. As the best hire for longer interest relapsed, the demand for US dollar cash management products remains strong in the first half of the year, with revenues increasing 278% year over year, and the revenue growth in US dollar alternative investment products was also impressive. On a comparable basis, excluding the impact of one of performance based income, the revenue contribution of US dollar alternative investment products increased by 9.3% year over year to RMB245 year during the first half.

Speaker Change #104: As mentioned last quarter, we're continuing to consolidate our network centers in the smaller cities and further improve human capital efficiency by reducing overhead costs.

Speaker Change #104: The Financial Benefit of these optimizations might not be immediately fully apparent, or now starting to see the cost savings in our latest financials.

Speaker Change #104: Selling expenses, general, and administrative expenses goes sharply by 19% year over year, and increased 6.3% sequentially. The slide sequentially increase was privately driven by technology-related costs.

Speaker Change #104: A operating profit for the quarter increased by 10.3% of that sequentially to earn the 135 million.

Grant Pan: In addition, their share of total one time commissions and recurring service fees increased from 14.9% to 21%. However, revenue from global insurance products slowed down due to the higher competitive market environment, continuing on the positive side, overseas total net revenues in the top reached RMB585, accounting for 46% of the total net revenues up from 41%. During the same period last year.

Grant Pan: For the first half this year, operating profits was RMB 256 million and operating margin was 20.2%. Total other income increase to RMB 62 million during the quarter and RMB 172 million during the first half of the year due to continued optimization of treasury management. None gap net income was RMB 160 million for the quarter and RMB 267 million for the first half of the year. As our global business accelerates, our overseas client base is obviously experiencing robust growth. With overseas registered clients now exceeding 16,000, up 23.0% year over year. The total number of overseas diamond and black hard clients which require minimum investments with US dollar, 2 million and 5 million respectively.

Speaker Change #104: [inaudible]

Speaker Change #104: for the first half this year, operating profit was RMB 256 million and operating margin was 20.2%.

Speaker Change #105: Hotoa other income increased RMB 62 million during the quarter and RMB 117 million during the first half of the year due to continued off to my addition of treasure and management.

Speaker Change #105: Nung Gap Net income was RMB 164, and RMB 267, for the first half of the year.

Grant Pan: Our domestic business, the revenue decline was significant, many attributed to the realignment of our business focus. In line with our CEO, House View, would have slowed down the distribution of domestic investment insurance products, and also RMBRP products. The focus of RMB secondary product has been shifted towards QDII and QDLP offering. For clients to capture growth opportunities outwearing the growth, especially in a stronger US equity market. On a quarterly basis, our total net revenues were RMB616 million during the second quarter, a decrease of 34.6% year over year at 5.2% to cancel it.

Speaker Change #106: As our global business accelerates, our overseas client base is obviously experienced robot growth. With overseas registered clients now exceeding 16,000 up 23.0% year over year.

Speaker Change #106: The total number of overseas diamonds and black archives, which require minimum investments with US dollar, two million and five million respectively, continue to grow this quarter, exceeding 1500.

Speaker Change #106: [inaudible]

Unknown Executive: Ltd.

Speaker Change #107: Turning into the balance sheet, we have maintained healthy liquidity, position, and a very strong task resource. With our current ratio of 3.0 times, that's after ratio at 22% with zero in preparing debt.

Unknown Executive: Sponsored ADR Class A Ltd. Sponsored ADR. This reflects our strong liquidity position and confidence in our long-term growth prospects. While China's wealth management industry is facing a challenging time and its undergoing transition mode, we remain very confident of Noah's unique advantage, benefiting from our understanding of high net worth individual demands and capabilities to deliver products and services to the still growing client base. But one of the few independent firms that still have access to years of investor education, access to the largest group of qualified individual investments, who are still seeking professional services. As we believe there are stocks deeply undervalued, which doesn't reflect the growth prospects, robust balance sheet, and cash reserves, or our special bonds to this client group all over the world.

Grant Pan: By revenue type, one time commissions fell 26.9% sequentially to RMB136 million, mainly due to reduced insurance product distribution. Recurring services dipped slightly to 0.9% sequentially to RMB404 million, primarily influenced by secrets in our AUM. Performance-based income saw a robust 95%, 95% sequentially increased to RMB28 million, driven by exits from private equity investments. Notably, CS1PE RMB secondary fund, managed by Gover, generated carry income of RMB12 million, reflecting our continuing efforts in exiting domestic P products and thereby delivering substantial returns to our clients.

Speaker Change #108: We have R&B 4.6 billion cash after the distribution of one billion dividends, providing ample resources that support our global expansion plans and allocate further to shareholder returns which remains a priority for the board.

Speaker Change #108: As you know in August we paid out the annual difference of 223 totaling RMB 1 billion and equivalent to 100% of our annual non-gapton net income last year.

Speaker Change #109: Base on a sheer price before the act of dividend days. The total dividend yields reached an exceeding 20%.

Li: Li, this reflect our strong liquidity position and confidence in a long-term growth project.

Grant Pan: In terms of transaction values, we distributed RMB33.3 billion during the first half of the year, down 5% year over year, reflecting a continued shift towards USD products. Specifically, RMB transaction values fell 30% year over year to RMB17 million, a transaction value of US$, increased by 45.6% USD 2.3 billion. The proportion of US dollar products, you know, total transaction value has increased significantly therefore from 31% last year to 49% this year. This quarter also observed the clear time that our clients are increasingly interested in the wider, wider array of US dollar investment products moving beyond just cash management solutions in particular.

Li: While China's wealth management industry is facing a challenging time and its undergoing a transition mode where we remain very confident.

Li: of Noah's unique advantage, benefiting from our deep understanding of high net work in the digital demands and capabilities to deliver products and services to the still growing one phase.

Speaker Change #111: Wang, one of the few independent firms that still have access to years of emester education. Access to the largest group of qualified indivision emesterance.

Speaker Change #111: Guar still seeking professional service.

Speaker Change #112: Hathaway Believer of Dark is deeply undervalued, which doesn't reflect a growth prospect, robust balance sheet and cash reader, or a special bond to this client group all over the world.

Grant Pan: A long-term alternative US dollar investment product, including private equity, private security, and private credit products have seen a notable increase in demand, raising US dollar 463 million in the first half of substantial 39% increase year over year. These products are said to deliver a consistent flow of recurrence rates for us in a longer time. Our AUM and AUA remains stable overall with the decline in the RMBR AUM and AUA due to ongoing exits while the US dollar AUM and AUA picked up its growth.

Grant Pan: Some very pleased to report that our board has approved the share report program on top of already existing capital policy, which will allow the company to buy back up to US $1.50 million of its ADS to practice immediately. It's worth noting that the program is separate from the corporate action target for 2024, under the new yearholder return policy announced last year November. The specifics of 2024 budgets will be determined later on. We're very excited about the prospect ahead and believe our value will be fairly reflected by the market. We value the long term and new shareholders and are committed to continue to share our successes with them through more proactive capital allocation policies in the future.

Speaker Change #113: I'm very pleased to report that our board has approved the share of repurchased programs on top of already the same capital policy, which will allow the company to buy back up to US dollar $15 million of its ADM, effective immediately.

Speaker Change #113: It's worth noting that this program is separate from the corporate actions charges for 2024 under the New Year Holder with some policy announced last year in November. The specifics of 2024 budgets will be determined later on.

Speaker Change #113: We're very excited about the process of prospect ahead and to leave our value will be fairly reflected by the market.

Grant Pan: At the end of second quarter, our US dollar AUM grew significantly by 14% year over year and 4.4% sequentially. The US dollar AUA grew by 7.4% year over year and 2.5% sequentially reflecting our ability to capture a larger share of clients US dollar wallets. Moving on to the income statement, operating costs make sense as well by 18.7% year over year during the quarter and almost 10% year over year during the first half of 2024 reflecting continuing efforts of controlling costs.

Wuvalu: Wuvalu, the long-term and youth shareholder and are committed to continue to share with the Sessi with them through more proactive capital allocation policies in the future.

Melo Xi: In conclusion, 2024 is the year of significant transformation for Noah. Our performance this quarter clearly reflects the progress we're making, at the same time the pressure we're facing. We recognize this transformation will take time, but are confident that these adjustments will lay a solid foundation for future growth.

Wuvalu: In conclusion, 2024 is the year of significant transformation for Noah. At performance this quarter clearly reflect the progress we're making and the same time the pressure we're facing.

Speaker Change #115: Weren't you recognize this transformation will take time? But are confident that these adjustments will lay a solid foundation for future growth?

Melo Xi: Once again, thank you all for your trust and support.

Operator: I'll now open the floor for questions. We will now begin the question and answer session. To ask a question, you may press star, then one on your touch-tone phone. If you're using a speaker phone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two.

Speaker Change #115: Once again, thank you all for your trust and support.

Speaker Change #116: I'll now open the floor for questions.

Speaker Change #117: We will now begin the question and answer session. To ask a question, you may press star then one or your touch tone phone. If you're using a speaker phone, please pick up your handset before pressing the keys.

Speaker Change #117: If, at any time your question has been addressed and you will like to withdraw your question, please press star then too, and at this time we'll pause momentarily to assemble a roster.

Operator: And at this time, we'll pause momentarily to assemble a roster.

Peter Chong: And the first question will come from Peter Chong with JP Morgan. Please go ahead. Thank you for your time. I have two questions for you.

Speaker Change #118: Episode 2

Speaker Change #119: And the first question will come from Peter Chong with JP Morgan, please go ahead.

Grant Pan: The slight sequential increase was primarily driven by technology related costs. Operating profits for the quarter increased by 10.3% sequentially to RMB 134 million by operating margin expanded by 3.1% to 21.8%. For the first half this year operating profits was RMB 256 million and operating margin was 20.2%. Total other income increase to RMB 62 million during the quarter and RMB 172 million during the first half of the year due to continued optimization of treasury management.

Peter Chong: Thank you for helping me with the opportunity to have my two questions. The first is, I have a question for the second question. The first is, I have a question for the second question. I want to ask the reason for the answer. The second question is, if you have a question, then you will answer. The question is, if you have a question, then you might be able to answer the question. The question is, if you have a question, then you might be able to answer the question.

Speaker Change #121: and I have been working for the first time in my life. This is also a very new experience for us. I want to ask you, if you have any questions, please tell me about the time you have been working for. Then we will talk about the time you have been working for. [inaudible] I have been working for the time you have been working for.

Grant Pan: None gap net income was RMB 160 million for the quarter and RMB 267 million for the first half of the year. As our global business accelerates, our overseas client base is obviously experienced robust growth. With overseas registered clients now exceeding 16,000 up 23.0% year over year. The total number of overseas diamond and black hard clients which require minimum investments with US dollar, 2 million and 5 million respectively.

Speaker Change #122: The first question is, I wish to understand what driver behind the 15 million loss from equity and failures, recalling.

Speaker Change #123: Our Second Quarter Resolve.

Speaker Change #124: My second question is, Mandarin mentions that overseas AUA will increase from.

Speaker Change #125: A billion on being in this quarter to 20 billion of the A.B. and a U.S. dollar in this quarter to 20 billion U.S. dollar in next three to five years. But in the meantime, we also expect our business remain relatively slow in next few quarter due to the external and internal environment.

Grant Pan: Ltd. Sponsored ADR Class A Ltd. Sponsored ADR This reflects our strong liquidity position and confidence in our long-term growth prospects.

Speaker Change #126: I wish to understand a how long Mandarin Express is transition period will be and you meet them to longer term will will be the driver of different countries the strong increasing this overseas AUA, how long I will achieve the growth since thank you.

Speaker Change #126: I'll say it Peter, I'll let you know the reason I answered course question

Speaker Change #127: and the increase on the Nain公s of Soyjia Jaircraft.

Speaker Change #128: is more or less related to, you know, as the channel partner of many, many fund funds.

Grant Pan: While China's wealth management industry is facing a challenging time and its undergoing transition mode, we remain very confident of Noah's unique advantage, benefiting from our understanding of high net worth individual demands and capabilities to deliver products and services to the still growing client base. But one of the few independent firms that still have access to years of investor educations, access to the largest group of qualified individual investments, who are still seeking professional services. As we believe there are stocks deeply undervalued, which doesn't reflect the growth prospects, robust balance sheet and cash reserves, or our special bonds to this client group all over the world.

Speaker Change #129: Go for actually has calling investments in these funds.

Speaker Change #130: and sometimes when the valuation of the underlying funds adjusted down, you will be reflected proportionately on to our balance sheet as equity pick up. So this quarter reflects that equity pick up in some of the underperformance of the following underlying funds.

Peter Chong: Then on the second question, and we're, you know, obviously have got very high confidence in terms of the ample growth, the depth actually is the market of high net worth individuals in the future, and especially how we'll be able to maintain its growth on both, you know, the quality of service as well as the accumulation of AUM and AUA, especially on the US dollar side.

Speaker Change #131: and the second question, and we obviously have a very high confidence in terms of the ample growth.

Speaker Change #132: The Deft actually is the market of high-knit working individuals in the future and especially how we'll be able to maintain its growth.

Speaker Change #133: I'm both the quality of service as well as the accumulation of AUM and AUA, especially on the U.S. all inside.

Melo Xi: And then the second question is, in the future, we'll be able to see the stabilisation of performance, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, and then on the second question, Thank you, Zender.

Speaker Change #134: [inaudible] The second question is whether we will be able to see what we can see in this video.

Speaker Change #135: Thank you. Actually, we have a lot of data on the Internet, so we need to take a look at the information on the Internet, and take a look at the information.

Grant Pan: We're very excited about the prospect ahead and believe our value will be fairly reflected by the market. We value the long term and new shareholders and are committed to continue to share our successes with them through more proactive capital allocation policies in the future.

Speaker Change #135: [inaudible]

Grant Pan: In conclusion, 2024 is the year of significant transformation for Noah. Our performance this quarter clearly reflects the progress we're making at the same time the pressure we're facing. We recognize this transformation will take time, but are confident that these adjustments will lay a solid foundation for future growth.

Speaker Change #135: The first thing we want to say is that we have to think about it because it is said to be a miracle. As for this miracle, we have to think about it as well. We have to think about it as a challenge. We have to think about it.

Grant Pan: Once again, thank you all for your trust and support.

Speaker Change #136: We are thinking about the development of the Chinese Communist Party in the past, and the Chinese Communist Party will also be able to do the same as the Chinese Communist Party.

Operator: I'll now open the floor for questions. We will now begin the question and answer session. To ask a question, you may press star than one on your touch tone phone. If you're using a speaker phone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you will like to withdraw your question, please press star than two. And at this time we'll pause momentarily to assemble a roster.

Speaker Change #136: [inaudible]

Peter Chong: Any first question will come from Peter Chong with JP Morgan. Please go ahead. [inaudible] Then, on the second question, and we're, you know, obviously have got very high confidence in terms of the ample growth. The depth actually is the market of high net worth individuals in the future, and especially how we'll be able to maintain its growth on both, you know,[inaudible] Thank you, Zender. Thank you. Thank you, Zender. Thank you Peter for the question.

Speaker Change #137: We've already started our journey, and we've been working on a project, and we've been working on a project, and we've been working on a project.

Speaker Change #137: [inaudible]

Speaker Change #137: is a very big happiness. Let's go.

Speaker Change #137: and Xiao Gu and I will talk about this later.

Speaker Change #137: I think there is a 100% guarantee, and I think it is a very high guarantee. [inaudible]

Speaker Change #138: We think we need to take a look at the two or three seasons of this week. That's it.

Speaker Change #139: Hi, this is from China. I'm going to talk about the two hundredth. Because now it's 85.85 billion. And for the fact that the last few hundredth, the latest news is still one of our clients, with our new technologies.

Speaker Change #139: We also saw that the country now has a lot of foreign countries.

Speaker Change #139: [inaudible]

Tong Xu: Tong Xu, we're here.

Tong Xu: [inaudible]

Melo Xi: Thank you. Thank you, Zender.

Tong Xu: Episode 2

Tong Xu: [inaudible]

Melo Xi: Thank you, Peter, for the question. So regarding the second question, first of all, I guess the near-term challenges, you know, a few aspects that were previously mentioned during the call as well, that are causing the near-term financial performance slowdown. First of all, I guess on the domestic market.

Speaker Change #141: Hello, everyone. Thank you for the question. Regarding the second question, first of all, I guess the near-term challenges, you know, a few aspects that will previously mentioned during the call as well, that causing the near-term financial performance slow down, first of all, is, I guess, on the domestic market.

Melo Xi: Jordan from our, I guess, fundamental is to protect our clients' assets. So we rather lose the client than, you know, losing our client's assets. So we basically, during the first half of the year, suspended the distribution of domestic insurance products due to a aforementioned reasonings. And secondly, in the overseas market, as mentioned before, you know, the competition for the Hong Kong insurance market has become quite, I guess, competitive. And, but you know, we're glad to see that the regulatory authorities have implemented various, you know, adjustments to limit the malicious competition aspect.

Speaker Change #141: Zhu Lin from our, I guess, fundamental is to protect our clients' assets. So we rather lose the client than, you know, losing our clients' assets.

Speaker Change #141: So, we basically, during the first half of the year, we suspended the distribution of domestic insurance products.

Speaker Change #142: Dutu of aforementioned reasoning.

Speaker Change #142: and Secondly, in the overseas market.

Melo Xi: So, and also internally, we're also implementing the transformation of our sales functions. So the sales personnel are being adjusted or have been adjusted into different independent business units. So I guess the sales network or the sales model has been significantly changed. So these are the near-term challenges.

Speaker Change #142: As that.

Speaker Change #142: So, and also internally, we're also implementing the transformation of our sales functions. So, the sales personnel are being adjusted or are having adjusted into different independent business units. So, I guess the sales network or the sales model has been significantly changed.

Melo Xi: I guess looking forward to the future. You know, first of all, in terms of domestic insurance, our strategic direction has been very clear now. You know, we are positioning ourselves to our clients, healthcare as well as retirement wellness position products. And, you know, we have already started the marketing process, and we see very high interest among our clients. So basically, we take a lot of clients to these offline senior care facilities. And we are seeing that the transition or the clients' subscription rate is about 10%. So we expect this business to slowly pick up starting from the third quarter.

Speaker Change #142: So these are the near-term challenges.

Speaker Change #142: I guess looking forward to the future, you know, first of all, in terms of domestic insurance, we are strategic direction has been very clear now, you know, we are positioning ourselves to our clients, help here as well as retirement wellness.

Speaker Change #142: Position Product.

Speaker Change #142: and we have already started the marketing process and we see very high interest among our clients. So basically we take a lot of our clients to these offline senior care facilities and we are seeing that the condition or the...

Speaker Change #143: the Klein subscription rate is about 10%.

Speaker Change #143: So, we expect this business to slowly pick up.

Melo Xi: And we, you know, we think that the product is well suited for our clientele.

Speaker Change #143: and I'm starting from the third quarter and we, you know, we think that the products well suited for our clientele.

Melo Xi: So, in terms of overseas, we have very high client stiffness, and we understand our clients' demand. A lot of our clients are going outbound for their businesses as well as their investment allocation needs. And also in the overseas market, there are a lot of local mentoring speaking hand out of clients as potential clients for NOAA who are, you know, I guess underserved in their application demand and needs. So we have done some, you know, early stage, you know, attempt, including acquiring new clients and servicing clients online, you know, acquiring clients offline. And we realize that this is a very, I guess, a blue ocean market for us to further capture.

Speaker Change #143: In terms of overseas, we have very high clients' thickness and we understand our clients' demand. A lot of our clients are going out for their businesses as well as their investment allocation needs. And also in the overseas market, there are a lot of local, mentoring, speaking, high clients.

Speaker Change #144: and I have potential clients from NOAA who are, you know, I guess, underserved in their asset allocation demand and needs.

Speaker Change #144: So we have done some, you know, early stage, you know, attempts, including acquiring new clients and servicing clients online, you know, acquiring clients offline. And we've realized that this is a very, I guess, a blue ocean market for us to further capture.

Melo Xi: In terms of the product competitiveness, as mentioned, we established our U.S. product center, I guess in the overseas market, our strategy is to increase our product competitiveness and also increase the expand the coverage of global top tier GPs, including, you know, VCEs, PEs, you know, hedge fund managers and so forth.

Speaker Change #145: in terms of the product competitiveness. As mentioned, we established our U.S. product center. I guess in the overseas market are...

Speaker Change #145: Our strategy is to increase our product competitiveness, and also increase the expanded coverage of global top tier GPs, including VCE, PE, hedge fund managers and so forth.

Jingbo Wang: Director Jingbo Wang, see if there are any other reasons for you to look at the situation. Thank you, Chair Lady, thank you, Chair Lady.

Speaker Change #146: Episode 2

Speaker Change #147: Wang Zhong Kang and I have been following her since then.

Speaker Change #148: I'm from the next generation, but I'm really worried about the situation in the future

Speaker Change #148: [inaudible]

Speaker Change #148: But, on the other hand, it's just the beginning of our journey. So, we have been working on this journey for a long time. We have been working on this journey for a long time.

Speaker Change #149: Tao Ji Da

Speaker Change #150: Xi Guayao has been going to Tongzi, Jing Yan. I'm going to Tongzi, Jing Yan.

Jingbo Wang: So overall, we are very confident in our overseas business growth or global business growth. Aside from the local overseas local managers being clients and their high demand for wealth management services, especially from Chinese backgrounds, wealth managers like us. On the supply of product side, we're also seeing that basically all of the top-tier global GPs are putting more resources in their private wealth channel. Whereas before their fundraising efforts were mainly driven by institutional LPs. But, you know, before I guess the private wealth channel only accounts for less than 10% of their overall new fundraising amounts, but they're aiming to increase this percentage to over 30%.

Speaker Change #151: Thank you, Chair Lady. So, uh...

Charity: Thank you, Charity. So overall, we are very confident in our overseas business growth or global business growth.

Melo Xi: So regarding the second question, first of all, I guess the near term challenges, you know, a few aspects that will previously mentioned during the call as well, that causing the near term financial performance slowdown. First of all, is I guess on the domestic market. Jordan from our, I guess, fundamental is to protect our clients assets. So we rather lose the client than, you know, losing our clients assets. So we basically during the first half of the year, we suspended the distribution of domestic insurance products due to a aforementioned reasonings.

Charity: Xi, aside from the local, overseas, local, Mandarin speaking clients and their high demand for wealth management services, especially from Chinese backgrounds, and wealth managers like us.

Charity: Wang, the supply of product size, we're also seeing that.

Wang Xi: Basically, all of the top tier globe global GPs.

Wang Xi: are putting more resources in their private wealth channel.

Wang Xi: [inaudible]

Melo Xi: And secondly, in the overseas market, as mentioned before, you know, the competition for Hong Kong insurance market has become quite, I guess, competitive. And, but you know, we're glad to see that the regulatory authorities have implemented various, you know, adjustment to limit the malicious competition aspect. So, and also internally, we're also implementing the transformation of our sales functions. So the sales personnel are being adjusted or have been adjusted into different independent business units. So I guess the sales network or the sales model has been significantly changed.

Jingbo Wang: So I guess Noah, due to our product specialty, we are known as an alternative wealth as a manager and wealth manager. So comparing with a lot of, I guess, global private banks or competitors, you know, who are less familiar with prep equity, venture capital, and just alternative products overall. We do have an edge compared to when compared to those local peers.

Noah Upright: So I guess Noah, due to our product specialty, we are known as a alternative wall as a manager and wall manager. So comparing with a lot of, I guess, global product banks.

Melo Xi: So these are the near term challenges.

Noah Upright: or Competitors, who are less familiar with Prep Equity, Venture Capital and just alternative products overall. We do have an edge compared to when we compare to those local peers.

Operator: Operator, turning back to you. Thank you.

Speaker Change #154: Episode 2

Operator: If you have a question, please press star, then one.

Speaker Change #155: I'll parade our turning back to you.

Melo Xi: I guess looking forward to the future. You know, first of all, in terms of domestic insurance, we are strategic direction has been very clear now. You know, we are positioning ourselves to our clients, healthcare as well as retirement wellness position products. And, you know, we have already started the marketing process and we see very high interest among our clients. So basically, we take a lot of clients to these offline senior care facilities.

Speaker Change #156: Episode 2

Operator: And this will conclude our conference call as well as our question-and-answer session. Wanted to thank everyone for your participation today, and you may now disconnect. Thank you all.

Speaker Change #156: This will conclude our conference call as well as our question and answer session.

Melo Xi: And we are seeing that the transition or the clients subscription rate is about 10%. So we expect this business to slowly pick up starting from the third quarter. And we, you know, we think that the product is well suited for our clientele. So, in terms of overseas, we have very high client stiffness and we understand our clients demand. A lot of our clients are going outbound for their businesses as well as their investment allocation needs.

Speaker Change #157: Thank you.

Melo Xi: And also in the overseas market, there are a lot of local mentoring speaking hand out of clients as potential clients for NOAA who are, you know, I guess underserved in their application demand and needs. So we have done some, you know, early stage, you know, attempt, including acquiring new clients and servicing clients online, you know, acquiring clients offline. And we realize that this is a very, I guess, a blue ocean market for us to further capture.

Melo Xi: In terms of the product competitiveness, as mentioned, we established our U.S, product center, I guess in the overseas market, our strategy is to increase our product competitiveness and also increase the expand the coverage of global top tier GPs, including, you know, VCEs, PEs, you know, hedge fund managers and so forth.

Jingbo Wang: Director Jingbo Wang, see if there are any other reasons for you to look at the situation. Thank you, Chair Lady, thank you, Chair Lady. So overall, we are very confident in our overseas business growth or global business growth. Aside from the local overseas local managers being clients and their high demand for wealth management services, especially from Chinese backgrounds, wealth managers like us. On the supply of product side, we're also seeing that basically all of the top-tier global GPs are putting more resources in their private wealth channel.

Jingbo Wang: Whereas before their fundraising efforts were mainly driven by institutional LPs. But, you know, before I guess the private wealth channel only account for less than 10% of their overall new fundraising amounts, but they're aiming to increase this percentage to over 30%. So I guess Noah, due to our product specialty, we are known as a alternative wealth as a manager and wealth manager. So comparing with a lot of, I guess, global private banks or competitors, you know, who are less familiar with prep equity venture capital and just alternative products overall. We do have an edge compared to when compared to those local peers.

Operator: Operator, turning back to you. Thank you. If you have a question, please press star, then one. And this will conclude our conference call as well as our question and answer session.

Operator: Wanted to thank everyone for your participation today, and you may now disconnect.

Operator: Thank you all.

Half Year 2024 Noah Holdings Ltd Earnings Call

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