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Noah Holdings Limited Announces 2011 Fourth Quarter And Full Year 2011 Financial Results And Declares Cash Dividend

Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH), the leading independent service provider focusing on distributing wealth management products to the high net worth population in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2011.

FOURTH QUARTER 2011 FINANCIAL HIGHLIGHTS

  • Net revenues in the fourth quarter of 2011 were US$14.4 million, essentially flat compared with the corresponding period in 2010.
  • Income from operations in the fourth quarter of 2011 was US$2.1 million, a 65.6% decrease from the corresponding period in 2010.
  • Net income attributable to Noah shareholders in the fourth quarter of 2011 was US$3.5 million, a 16.8% decrease from the corresponding period in 2010. Non-GAAP 1 net income attributable to Noah shareholders in the fourth quarter of 2011 was US$4.3 million, a 9.0% decrease from the corresponding period in 2010.
  • Net income per basic and diluted ADS in the fourth quarter of 2011 were both US$0.06. Non-GAAP net income per diluted ADS in the fourth quarter of 2011 was US$0.07.

FULL YEAR 2011 FINANCIAL HIGHLIGHTS

  • Net revenues in the full year 2011 were US$72.2 million, a 90.6% increase from 2010.
  • Income from operations in the full year 2011 was US$25.1 million, a 60.0% increase from 2010.
  • Net income attributable to Noah shareholders in the full year 2011 was US$24.0 million, a 107.9% increase from 2010. Non-GAAP net income attributable to Noah shareholders in the full year 2011 was US$26.1 million, a 95.0% increase from 2010.
  • Net income per basic and diluted ADS in the full year 2011 were US$0.43 and US$0.42, respectively. Non-GAAP net income per diluted ADS in the full year 2011 was US$0.46.

FOURTH QUARTER 2011 AND FULL YEAR 2011 OPERATIONAL HIGHLIGHTS

  • Total number of registered clients as of December 31, 2011 increased by 66.6% year-over-year to 27,144; this figure includes 26,340 registered individual clients, 745 registered enterprise clients and 59 wholesale clients that have entered into cooperation agreements with the Company.
  • Active clients 2 during the fourth quarter of 2011 were 937, a 50.9% increase from the corresponding period in 2010. The aggregate value of wealth management products distributed by the Company during the fourth quarter of 2011 was RMB4.3 billion (approximately US$0.7 billion) 3, a 2.7% decrease from the corresponding period in 2010. Of this aggregate value, fixed income products accounted for 65.2%, private equity fund products accounted for 34.2%, and securities investment funds and investment-linked insurance products accounted for 0.6%. The average transaction value per client 4 in the fourth quarter of 2011 was RMB4.6 million (approximately US$0.7 million), a 35.5% decrease from the corresponding period in 2010, primarily due to changes in product mix as clients purchased more fixed income products that have lower minimum investment amount than private equity fund products.
  • Coverage network as of December 31, 2011 included 59 branches, up from 39 branches as of December 31, 2010. The number of relationship managers increased to 510 as of December 31, 2011, up 49.6% year-over-year.
  • Active clients for the full year 2011 were 3,095, an 89.8% increase from 2010. The aggregate value of wealth management products distributed by the Company for the full year 2011 was RMB22.6 billion (approximately US$3.5 billion), a 56.7% increase from 2010. Of this aggregate value, fixed income products accounted for 42.7%, private equity fund products accounted for 48.0%, and securities investment funds and investment-linked insurance products accounted for 9.3%. The average transaction value per client for the full year 2011 was RMB7.3 million (approximately US$1.1 million), a 17.4% decrease from 2010, primarily due to changes in product mix as clients purchased lesser private equity fund products that have higher minimum investment amount than fixed income products, securities investment funds and investment-linked insurance products.

Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, “This has been another growth and profitable year for Noah together with strong network expansion. Looking forward, Noah will continue to build upon our leading position in China’s wealth management industry by deepening our local market penetration.” Ms. Wang continued, “Recently, we have made strategic progress in several areas, including being granted a mutual fund distribution license by the China Securities Regulatory Commission, which we announced on February 22, 2012, as well as opening an office in Hong Kong, which is our first office outside the Chinese mainland and has obtained a license from the Securities and Futures Commission of Hong Kong to deal in securities, advise on securities and provide asset management services. We are also pleased to announce our first annual dividend which we believe is in the best interests of our shareholders.”

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