Brief News: NOAH HOLDINGS' net profit surged 62.6% last quarter
NOAH HOLDINGS' net profit in the third quarter increased by 62.6% year-on-year, reaching 218.5 million yuan, despite a 7.4% decline in revenue. The number of active trading clients grew by 35.5% year-on-year, and the scale of product distribution increased by 19.1% annually. The company obtained a U.S. brokerage dealer license and integrated artificial intelligence technology to enhance its business. Hong Kong stocks have risen approximately 18% over the past 6 months
Wealth management company Noah Holdings Private Wealth Asset Management Co., Ltd. (NOAH.US; 6686.HK) announced on Tuesday that for the third quarter ending September, revenue was 632.9 million yuan (approximately 88.9 million USD), a year-on-year decrease of 7.4%. Net profit reached 218.5 million yuan, a significant increase of 62.6% year-on-year, while operating profit was 171.9 million yuan, down 28.6% compared to the same period last year.
As of September 30, Noah had 466,153 registered clients, a year-on-year increase of 1.3%; the number of active trading clients was 10,650, a year-on-year increase of 35.5%. The product distribution scale for the quarter reached 17 billion yuan, an annual increase of 19.1%, of which overseas product distribution was 8.6 billion yuan, up 11.2%. The asset management scale remained stable, with contract-managed assets amounting to 143.5 billion yuan as of September 30. The increase in the fair value of investment equity changes from affiliated companies contributed to the growth in the company's net profit.
The company pointed out that the decline in revenue was mainly due to a reduction in one-time commissions and weak distribution of insurance products. In this quarter, the company obtained a U.S. brokerage dealer license and also began integrating artificial intelligence technology into various business processes to improve customer acquisition capabilities and enhance efficiency, further strengthening its global layout and technological capabilities. The company stated that its robust balance sheet provides a solid foundation for future investments.
Noah Holdings' Hong Kong stock remained unchanged in early trading on Wednesday, closing at XX HKD at noon, with the stock having risen approximately 18% over the past six months
