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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.
Revenue by Segment
Revenue by Geographic Location
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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