Zhitong Finance App learned that on November 27, Noah Holdings (NOAH.US,06686.HK) announced the unaudited results report for the third quarter of 2024. According to the data, the company's net revenue for the third quarter of 2024 recorded 0.684 billion yuan (RMB, same below), an increase of 11.0% over the previous quarter. During the period, Noah Holdings continued to adhere to the strategy of further deepening global expansion. Operating profit increased 79.7% month-on-month, operating profit margin increased 13.5% month-on-month, and non-GAAP net profit increased 41.9% month-on-month.

According to the revenue sector, net income from wealth management increased 11.9% month-on-month, and net income from asset management increased 8.6% month-on-month; by revenue type, net revenue from fundraising increased 28.5% month-on-month, and net income from performance rewards surged 118.9% month-on-month, mainly due to the successful exit of US dollar private equity products.

It is worth noting that while continuing to deeply cultivate the international market, Noah Holdings is also actively promoting the deep integration of the globalization process with local operations, and keenly captures the growing wealth management needs of Chinese-speaking customers around the world. In 2024, the company gradually improved its diversified product matrix and enhanced its online customer service capabilities by comprehensively upgrading the international brand system and continuously optimizing the global service and product system.

At the same time, Noah Holdings also launched customized product service solutions for individuals and businesses going overseas. Based on this, the company has built international business brands — Ark Wealth Management, Olive Asset Management, and Glory Family Heritage — to further focus on the wealth management needs of global Chinese and local Chinese-speaking customers, and promote the business to better respond to customer needs and achieve continuous growth.

Ms. Wang Jingbo, co-founder and chairman of Noah, said that the company used the expansion momentum to open a Japanese office this quarter to attract local Chinese-speaking customers, and is actively evaluating opportunities in other major potential markets such as Canada, Australia, Southeast Asia and Europe. The services currently provided by local financial institutions are insufficient to meet many investors, so the company remains confident in the huge potential of financial services tailored to Chinese-speaking high-net-worth investors around the world. This presents Noah with a significant opportunity to acquire new customers through competitive global investment solutions and well-known service standards.

In addition to this, Noah Holdings continues to promote capital market operations and continuously optimize shareholder return mechanisms. On August 29, 2024, the board of directors of Noah Holdings approved a share repurchase plan totaling 50 million US dollars, which allows the company to repurchase its American depository shares or common shares within the next two years. This is the firm commitment of the company to put shareholders' interests first and provide continuous returns.

Yin Zhe, co-founder, director and CEO of Noah Holdings, stated in a conference call that in the future, Noah Holdings will continue to pay attention to domestic and international market dynamics and changes in customer demand, optimize global asset allocation strategies and service models, and strengthen compliance and risk management to ensure steady business growth. Under the strategic guidance of “improving domestic and expanding international”, Noah is actively building a global Chinese-speaking customer service system.

Yin Zhe added that as the demand from overseas Chinese customers grows, becoming the preferred wealth management platform for Chinese people around the world is Noah's new vision. Noah's future is full of opportunities and challenges. The company will adhere to the customer-centric concept, continuously optimize products and services, and enhance customer satisfaction and loyalty. At the same time, Noah will deepen cooperation with leading global financial institutions, promote innovation and development, and ensure that Noah remains at the forefront of the global wealth management industry.