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Noah's 4Q/FY24 Earnings Showcase Resilient Profitability and Overseas Expansion

SHANGHAI, March 26, 2025 /PRNewswire/ -- Noah Holdings Limited ("Noah" or "the Company") (NYSE:NOAH), a leading and pioneering wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors (HNWIs), today announced its unaudited financial results for the fourth quarter of 2024 and audited results for the full year ended December 31, 2024.

2024 was one of the most challenging years for Noah. A sluggish macroeconomic environment, increasingly stringent regulatory requirements, and shifting client preferences created significant headwinds for its business. While these challenges impacted its financial performance throughout the year, Noah's business remains profitable and continues to generate solid cash flow.

Noah continued to drive the transformation of its business despite these challenges, restructuring its domestic operations to fully comply with evolving regulatory requirements and building the global infrastructure to serve clients worldwide. While these efforts require upfront investments and will take time to scale, these foundational changes will position it for sustainable growth in the years ahead.

Financial Highlights

For full-year 2024, net revenues were RMB2.6 billion (US$356.3 million), a 21.1% decrease compared to 2023, primarily due to a decrease in insurance product distribution. Net revenues from overseas were RMB1.3 billion (US$171.5 million) in 2024, accounting for 48% of total net revenues.

In the fourth quarter of 2024, net revenues were RMB651.9 million (US$89.3 million), an 18.5% decrease from the corresponding period in 2023. Net revenues from overseas were RMB289.8 million (US$39.7 million) during the quarter, a decrease from the same period in 2023 primarily due to a decline in the distribution of overseas insurance products. Excluding insurance products, net revenues from overseas investment products grew on a year-over-year basis during the quarter and year, reflecting the progress it has made in expanding its portfolio of alternative investment products.

For full-year 2024, Non-GAAP net income attributable to Noah shareholders was RMB550.2 million (US$75.4 million), a decline of 46.0% ...