The following is a summary of the Noah Holdings Limited (NOAH) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Noah Holdings reported total revenues of RMB 3.3 billion for 2023, up by 6% compared to the previous year.

• The contribution from domestic business grew by 18.1%, accounting for 56.8% of the total revenue, while the overseas business experienced a significant increase in revenue of 73%.

• The company reported an operating profit of RMB 1.1 billion, with a margin of 33.3%.

• Despite an increase in revenues from the Wealth Management business, there was a decrease in revenue from the Asset Management segment.

• With a healthy liquidity position, the company has a current ratio of 3.8x and a debt-to-asset ratio of 17.8%.

Business Progress:

• Noah is focusing on resilience and adaptivity through economic downturns and is shifting from a product-focused model to a solution-driven approach.

• The company has expanded its investment offerings on a global basis and is investing in new international markets and technologies.

• They are decreasing the number of offices and reallocating resources to focus on core cities.

• Noah launched the Series 4 of their actively managed U.S. dollar, U.S. real estate funds and announced changes in the leadership structure.

• The number of registered clients overseas increased, while the focus remains on improving the comprehensive capabilities and skill sets of Relationship Managers to enhance operational efficiency.

• The company plans to prioritize cash dividends over stock repurchases, while maintaining optimism about the firm's long-term growth prospects.

More details: Noah Holdings IR

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