The following is a summary of the Noah Holdings Limited (NOAH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Total revenues for Q1 2024 were RMB 654 million, a decrease of 19.2% year-on-year.

• Operating profit for the first quarter was RMB 121 million, with an operating profit margin of 18.7%.

• Overseas business performed relatively better, contributing 77.1% of revenue from new businesses and products, with overseas net revenue increasing by 22.4% year-on-year.

Business Progress:

• Noah Holdings is expanding its global footprint, particularly in the US and focusing on attracting high net worth management speaking clients.

• The company expanded its overseas private equity product portfolio and significantly increased the number of overseas Relationship Managers.

• Noah is pivoting operations towards global markets, reducing domestic branches from 80 to 18, with a future target of 10 core cities.

• The company continues to optimize its workspace with special focus on nurturing trust-based relationships with high net worth clients globally.

Opportunities:

• Expanding the international RM team and global asset allocations in response to increasing demand for wealth diversification.

• Strengthening overseas insurance, trust, and other comprehensive services to improve competitive advantage and meet high net worth clients' needs.

• Transitioning towards more U.S. dollar-based investment products, including private equity and cash management in anticipation of continued high interest rates.

Risks:

• Persistent inflation maintaining higher interest rates longer than anticipated, affecting investment sentiments and strategies.

• Weak domestic investment sentiment due to regulatory pressures, and slow recovery in sectors like real estate.

More details: Noah Holdings IR

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