According to the Financial and Economic APP, on November 27, Noah Holdings (NOAH.US, 06686.HK) released its unaudited performance report for the third quarter of 2024. The data shows that the company's net income for the third quarter of 2024 reached 0.684 billion yuan (RMB, the same below), an 11.0% increase compared to the previous period. During the period, Noah Holdings continued to firmly deepen its global expansion strategy, achieving a 79.7% increase in operating profit on a period-on-period basis, a 13.5% increase in operating profit margin, and a 41.9% increase in Non-GAAP net income on a period-on-period basis.

Looking at the revenue sectors, wealth management net revenue increased by 11.9% compared to the previous period, while asset management net revenue increased by 8.6% compared to the previous period; based on income types, net revenue from fundraising fees increased by 28.5% compared to the previous period, net revenue from performance fees increased significantly by 118.9%, mainly benefiting from the successful exit of US private equity products.

It is worth noting that while continuing to cultivate international markets, Noah Holdings is also actively promoting the integration of global expansion processes with local operations, keenly capturing the growing wealth management needs of Chinese-speaking customers worldwide. In 2024, the company has comprehensively upgraded its international brand system and continuously optimized global service and product systems, gradually improving its diversified product matrix, and enhancing its online customer service capabilities.

At the same time, Noah Holdings has customized product service solutions for individuals and enterprises going overseas. Building on this foundation, the company has created an international business brand - Ark Wealth Management, Olive Asset Management, Glory Family Heritage, further focusing on the wealth management needs of global Chinese and local Chinese-speaking customers to better respond to customer demands and achieve continuous growth.

Ms. Wang Jingbo, Co-founder and Chairman of Noah Holdings, stated that the company, leveraging its expansion momentum, opened a Japan office this quarter to attract local Chinese-speaking customers. It is also actively evaluating opportunities in major potential markets such as Canada, Australia, Southeast Asia, and Europe. The services currently provided by local financial institutions are insufficient to meet the needs of many investors, so the company remains confident in the huge potential of tailor-made financial services for high-net-worth Chinese-speaking investors globally. This presents a significant opportunity for Noah to acquire new clients through competitive global investment solutions and renowned service standards.

In addition, Noah Holdings continues to advance its capital market operations and optimize shareholder return mechanisms. On August 29, 2024, Noah Holdings' board of directors approved a $50 million share repurchase plan, allowing the company to repurchase its American Depositary Shares or ordinary shares in the next two years, demonstrating the firm commitment to shareholder interests and providing sustainable returns.

Noah Holdings' co-founder, director, and CEO, Jing Zhe, pointed out in a conference call that in the future, Noah Holdings will continue to focus on the dynamics of domestic and international markets and changes in customer demands, optimize global asset allocation strategies and service models, while strengthening compliance and risk management to ensure steady business growth. Under the strategic guidance of "excel domestically and expand internationally," Noah actively builds a global Chinese customer service system.

Jing Zhe further mentioned that with the growing demand from overseas Chinese customers, becoming the preferred wealth management platform for global Chinese is Noah's new vision. Noah's future is full of opportunities and challenges, the company will uphold a customer-centric philosophy, continuously optimize products and services, enhance customer satisfaction and loyalty. Additionally, Noah will deepen cooperation with leading global financial institutions, drive innovation and development, ensuring that Noah always stands at the forefront of the global wealth management industry.