Noah Holdings announced its unaudited financial results for the fourth quarter of 2024 and audited results for the full year ended December 31, 2024. For the full year, net revenues were RMB 2.6 billion (US$356.3 million), a 21.1% decrease compared to 2023, primarily due to a decrease in insurance product distribution. Non-GAAP net income attributable to Noah shareholders was RMB 550.2 million (US$75.4 million), a decline of 46.0% from 2023.
Despite the overall decline, overseas net revenues were a significant component, reaching RMB 1.3 billion (US$171.5 million) in 2024, accounting for 48% of total net revenues. The company raised US$663 million for overseas private equity, private credit, and other primary market funds, a 44.9% year-on-year increase. Overseas assets under management (AUM) grew by 15% to US$5.8 billion as of December 31, 2024.
Noah undertook a significant compliance-driven restructuring of its domestic business in 2024, consolidating operations and separating sales teams into independent, licensed business units. This restructuring, while impacting domestic performance in 2024, aims to reduce fixed costs and improve operational efficiency. The company also expanded its global infrastructure by launching three internationally focused brands and increasing its team of overseas relationship managers to 138, a 55% year-over-year increase.
In a commitment to shareholder returns, the Board of Directors approved an annual dividend of RMB 275 million (US$37.7 million) and a special dividend of RMB 275 million (US$37.7 million). This total payout is equivalent to 100% of full-year 2024 non-GAAP net income attributable to Noah shareholders. This decision signals confidence in future operations and a dedication to delivering value to investors.
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