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Dec 31, 2024
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Noah Q4 2024 Earnings Report
Noah reported its Q4 2024 results with a significant decline in revenue and net income due to reduced distribution of insurance products and higher tax expenses.
Key Takeaways
Noah Holdings reported Q4 2024 net revenues of $89.3 million, down 18.5% year-over-year. Net income attributable to shareholders dropped by 49.3% to $15.0 million, while non-GAAP net income fell 43.3%. The business faced headwinds from reduced insurance product distributions and higher tax expenses but saw growth in performance-based income from public securities.
Q4 2024 net revenues declined 18.5% to $89.3 million.
Net income attributable to shareholders was $15.0 million, down 49.3% year-over-year.
Non-GAAP net income attributable to shareholders was $18.1 million, a 43.3% decrease.
Performance-based income grew to $4.7 million from $0.01 million in Q4 2023.
Noah
Noah
Noah Revenue by Segment
Noah Revenue by Geographic Location
Revenue by Segment
Domestic Public Sec. Revenue
CapyFin.comDomestic Asset Mgmt Revenue
CapyFin.comDomestic Insurance Revenue
CapyFin.comOverseas Wealth Mgmt Revenue
CapyFin.comOverseas Asset Mgmt Revenue
CapyFin.comOverseas Insurance Revenue
CapyFin.comHeadquarters Revenue
CapyFin.comRevenue by Geographic Location
Mainland China Revenue
CapyFin.comOverseas Revenue
CapyFin.com Forward Guidance
Noah plans to continue expanding its global footprint in 2025, targeting Mandarin-speaking high-net-worth clients worldwide while focusing on scaling its international business lines.
Positive Outlook
- Continued international expansion targeting new markets in Southeast Asia, Canada, and Japan.
- Increase in overseas transaction value by 20.3% year-over-year.
- Growth of overseas relationship managers by 55.1%.
- Launch of new internationally-focused brands.
- Improved performance-based income from public securities and real estate.
Challenges Ahead
- Decline in insurance product distribution, especially overseas.
- Higher income tax expenses impacting profitability.
- Significant decrease in operating margins year-over-year.
- Reduction in active clients domestically.
- Ongoing challenges from currency fluctuations impacting AUM valuations.