2 handed seat carry
Russia Nears Deal With New Syria Leaders to Keep Army BasesLOS ANGELES — The first day, Kamari Ramsey didn’t speak much. Didn’t speak at all, really. Anthony Brown had trained plenty of high school athletes before, a group with natural attention spans as thin as the blades of grass under their cleats, and Brown could only assume the worst from a kid who wouldn’t even glorify him with a response. “Is he really paying attention to me,” Brown wondered as he set up a cone drill. Ramsey didn’t speak much. He, Brown came to find, was simply observing. They ran through an exercise, out there a few years back at Valencia Park in Santa Clarita, focused on placing power on the big toe and moving with quick feet. Brown, a highly regarded defensive backs trainer in Southern California, plopped into a chair to listen to the pat-pat-pat of his athletes’ feet. Ramsey, the future USC safety, did it perfectly. Exactly as Brown explained. And there, observing Ramsey right back, Brown found himself wondering why in the heck he even needed to train the kid. “The way he listens – see, people just think he’s quiet,” Brown said of Ramsey, who he’s worked with for years since. “But he’s listening to what’s going on, and that’s crazy. A lot of football players don’t have that. A lot of football players want to finish a coach’s sentence.” “That’s the most beautiful thing,” Brown continued, “about this young man.” D’Anton Lynn didn’t speak much either, growing up in Celina, Texas. It was a town dominated by football, where D’Anton’s father Anthony had left a lasting legacy as a running back at Celina High, and Lynn knew from the earliest of ages that he wanted to follow in the footsteps, childhood friend Breck Holman said. So Lynn didn’t party. Didn’t smoke. Didn’t drink. And he didn’t talk, until you got to know him, Holman remembered, Lynn an analytical defensive back whose best attribute was his mind. And he found a hand-in-glove fit with Ramsey, in the 35-year-old Lynn’s first year as a coordinator last season at UCLA, the young safety a staple of a defensive turnaround. When USC head coach Lincoln Riley hired Lynn across town, Ramsey was stunned. Is this real ? he texted his father at the start of December, when the news broke . A few weeks later, Ramsey followed, transferring to USC for a comfortability in Lynn deeper than football: Their personalities, in many ways, are one and the same. “Kamari really liked that he had a coach,” his sister, Staci, reflected in the winter, “that could understand him.” This year at USC has been just Lynn’s second as a coordinator in collegiate football. He was the figurehead of a full-scale defensive change in system, staff and philosophy. And he’s largely lived up to the billing heading into a reunion with UCLA this weekend, pulling together a 43rd-ranked defense that’s often performed greater than the sum of its parts. The most important piece in the foundation, ultimately, has been the connection with Ramsey. “It meant a ton to me, especially,” Lynn said Tuesday, of Ramsey following him. “Just having him here, I feel like, jump-started this entire thing.” The stats don’t necessarily explode, but tell enough of a story. The 6-foot-204-pound Ramsey, in eight games, is fourth on the team with 43 tackles. His two sacks are tied for the program lead on a struggling pass-rush. His five pass deflections are a team high. More important, though, has been the redshirt sophomore’s clutch playmaking, honed by years of quick-reaction footwork drills with Brown and an innate ability to read the game that’s reflected in Lynn’s own steel-eyed stare. Through the eight games Ramsey’s played in, USC has come up with a timely total of 78 third and fourth-down stops, the most apparent feather in Lynn’s cap from this 2024 unit. Ramsey has accounted for 18% of them either via tackle or pass-breakup, according to a game-by-game review from the Southern California News Group. “Some people just get ball,” Lynn said of Ramsey, back in fall camp, “and he’s a guy who just understands ball. There’s certain things that we don’t need to teach him that he just naturally gets.” There is no secret here. Brown knew Ramsey was a “Sunday kid,” as he says frequently, not long after that first session. Sierra Canyon head coach Jon Ellinghouse knew Ramsey was special exactly five minutes into watching him move, his first practice his freshman year. After two days of working with him with the Trailblazers, then-Sierra Canyon defensive backs coach Jarrad Page – a former safety with UCLA and the NFL’s Kansas City Chiefs – came home and told his wife that there was a safety he was coaching that was “it.” “Like, he reminds me of myself,” Page remembered telling her, “but, like, better.” The key, there, was that Ramsey processed the game “three or four steps” ahead of everyone else, Page recalled. He grew up playing chess, a bright mind originally committed to Stanford before flipping to UCLA. Similar to Lakers mogul LeBron James, who’s often lauded for having a photographic memory to remember specific mid-game plays dating years, Ramsey can explain up to 30 variables he evaluates mid-process on any given play, Page said. “That’s the difference on how he ends up all over the place,” Page said, “and can seemingly seem like he’s reacting quicker than everyone else.” “He’s starting with more information,” Page continued, a few words later, “the way he plays the game.” It allowed coaches in high school, as Page recalled, to trust Ramsey with gray areas in schemes. They didn’t have to instruct him to stick with one particular assignment. He had freedom. And he has the same freedom at USC, a player who’s perhaps more familiar than anyone with Lynn’s principles but has shone in read-and-react situations throughout 2024. Ramsey never envisioned leaving UCLA, his father, Stacy, told the Southern California News Group this past winter. But if he stayed a Bruin, he’d be on his third coordinator in three years of college football. His move to USC, high school coach Ellinghouse said, wasn’t about NIL opportunity. Wasn’t about flash. It was about Lynn, a man he trusted and who trusted in him. “I mean, he has, like, this mad-scientist thing,” Ramsey grinned Wednesday, asked if he agreed he and Lynn had matching personalities. “Like, a way of how he thinks football, and how he looks at the game”.” And if Lynn is USC’s mad scientist, Ramsey is his lab assistant, two minds cut from the same cloth.
Why losing QB Conner Weigman may work out in the long term for both Texas A&M and HoustonMIAMI GARDENS, Fla. (AP) — Dolphins coach Mike McDaniel said he was caught off guard by reports early Tuesday that linebacker Shaq Barrett wants to unretire. The two-time Super Bowl winner signed a one-year deal with the Dolphins in March, then abruptly announced his retirement on social media in July, just days before the start of Miami's training camp. “Just to be candid, obviously there's a reason why you target and sign somebody," McDaniel said Tuesday afternoon. “I was fully caught off guard, or caught by surprise this morning as I found out.” McDaniel indicated the Dolphins have not had any conversations with Barrett recently. Miami holds the 32-year-old’s contractual rights. ESPN first reported the news. “It was kind of news as you guys got it,” McDaniel said. He also said he hasn't had a chance to think about Barrett potentially rejoining the team, and that his immediate focus is on Miami's Thursday night game at Green Bay. “The team is counting on me to think about the Packers,” he said. "I'll get with (GM) Chris (Grier), and we'll work through that. There's a ton of implications that go along with it in terms of team and roster stuff, so we'll work through that as we just got the news today.” Barrett has 400 tackles, 59 sacks, 22 forced fumbles and three interceptions in nine seasons — four with Denver and five with Tampa Bay. He was a second-team All-Pro with the Buccaneers in 2019, with a league-high 19 1/2 sacks. The Dolphins waived veteran safety Marcus Maye on Tuesday and activated rookie safety Patrick McMorris from injured reserve. Maye, who signed with the Dolphins in June, played in 11 games with three starts for Miami this season. He had 30 tackles and a tackle for loss. He could re-sign to the team's practice squad if he clears waivers. Maye previously played for New Orleans, but was cut in a money-saving move in March after two seasons with the Saints. Maye's release made room on the roster for McMorris, who was drafted in the sixth round by Miami in April. He began the season on injured reserve because of a calf injury. AP NFL: https://apnews.com/hub/nfl
Netflix will have one of its biggest days Wednesday since the site launched in 1998 when it airs two NFL games for the first time. "NFL Christmas Gameday on Netflix" begins with a two-hour pregame show at 11 a.m., before Pittsburgh hosts Kansas City. Baltimore faces Houston in the second game. The streaming giant agreed to a three-year contract in May to carry Christmas Day games. Netflix's 282.3 million subscribers in over 190 countries will be able to stream the games, marking the first time one outlet has distributed an NFL game globally. Netflix will have the games available in five languages — English, French, Spanish, Portuguese, and German. The games will also air on CBS affiliates in Kansas City, Pittsburgh, Baltimore and Houston. NFL policy dictates that games on cable or being exclusively streamed must also be on an over-the-air station in the competing teams' markets. It will also be available on mobile devices in the U.S. for those who have NFL+. The biggest reason is money. The league is getting $150 million from Netflix for the two games this season. It also continues the NFL's moves into streaming — Thursday night games are in their third season on Amazon Prime Video and the "Sunday Ticket" package moved to YouTube TV last year. But Christmas is on a Wednesday when games usually aren't played. That's true, but the league wasn't about to give up Christmas after seeing the ratings. Last year's three games averaged 28.68 million viewers. The early afternoon contest between the Las Vegas Raiders and Chiefs led the way, averaging 29.48 million. The Chiefs, Steelers, Ravens and Texans played on Saturday, giving them the same turnaround they would have if they played on Sunday and then Thursday. All four have clinched playoff spots in the AFC, but seeding remains up for grabs. Kansas City (14-1) can clinch the top seed — which would mean a first-round bye and home field throughout the playoffs — with a win over the Steelers. Pittsburgh and Baltimore are tied atop the AFC North at 10-5, with the Steelers holding the tiebreaker due to a better conference record. Houston (9-6) has wrapped up the AFC South and holds the fourth seed. Netflix hopes so. Brandon Riegg, Netflix's vice president of nonfiction series and sports, said the system was stress tested, and then some, during the Nov. 14 bout, along with internet service providers reporting they were also overwhelmed by the surge that occurred before and during the fight. The bout peaked at 65 million concurrent streams, including 38 million concurrent streams in the United States. According to the website Down Detector, nearly 85,000 viewers logged problems with outages or streaming leading up to and during the fight. Possible? Yes. Likely? No. The largest audience for a streamed-exclusive NFL game was 23 million on Peacock for last season's AFC wild-card game between the Miami Dolphins and Chiefs. Nielsen will measure the ratings for the Christmas Day games, with early numbers expected late afternoon on Thursday. It will probably be at kickoff for both games, but especially around 5:45 p.m. EST. That would be near halftime of the Ravens-Texans game, and when Beyoncé will be performing. Mariah Carey will kick off the day with a taped performance of "All I Want for Christmas is You." There is no word if Taylor Swift will make the trip to Pittsburgh to watch her boyfriend, Chiefs tight end Travis Kelce. Swift has been spending time in Kansas City since she wrapped up her Eras Tour two weeks ago. How many Christmas games will Netflix carry in the next two seasons? The NFL will have at least two games on Dec. 25 in 2025 and '26, with Netflix slated to have at least one each year. Amazon Prime Video will have a night game with Christmas on a Thursday next year. Netflix's worldwide partnership with World Wrestling Entertainment will begin on Jan. 6 when "Monday Night Raw" moves to the streaming service. On Friday, Netflix secured the U.S. rights for the 2027 and 2031 FIFA Women's World Cup. Get local news delivered to your inbox!
Juan Soto introduced by Mets at Citi Field after striking record $765 million, 15-year deal NEW YORK (AP) — Juan Soto put on a New York Mets jersey and cap for the first time after his record $765 million, 15-year contract was finalized and talked about what made the difference in his decision. He said at his introductory news conference on Thursday that the Mets “showed me a lot of love." Soto was introduced at Citi Field a day after his deal was finalized. Speaking in the Piazza 31 Club, Soto was flanked by Mets owner Steve Cohen, president of baseball operations David Stearns and his agent, Scott Boras. Bill Belichick 'always wanted' to give college coaching a try. Now he will at North Carolina New North Carolina football coach Bill Belichick said he had long been interested in coaching in the college ranks. But it had never worked out until now, as he takes over the Tar Heels program. Belichick led the New England Patriots to six Super Bowl titles during a 24-year run there that ended last year. University trustees approved terms of a five-year deal for him Thursday morning before he held his introductory news conference on campus. Wander Franco's sex abuse trial has been postponed 5 months PUERTO PLATA, Dominican Republic (AP) — The trial against Tampa Bay Rays shortstop Wander Franco, who has been charged with sexually abusing a minor, sexual and commercial exploitation against a minor, and human trafficking, has been postponed until June 2, 2025. Dominican judge Yacaira Veras postponed the hearing Thursday at the request of prosecutors because of the absence of several key witnesses in the case. Franco’s lawyers asked the court to reconsider the postponement, arguing Franco must report to spring training in mid-February. The judge replied that Franco is obligated to continue with the trial schedule and his conditional release from detainment. Rape investigation that Swedish media say focused on Kylian Mbappé has been closed STOCKHOLM (AP) — Swedish prosecutors say they have dropped a rape investigation that was launched in connection with soccer star Kylian Mbappé’s visit to Stockholm in October. In a statement, lead investigator Marina Chirakova says there is not enough evidence to continue the investigation into the allegation at a hotel. Prosecutors never publicly named the suspect in the investigation but some Swedish media reported it was Mbappé. The Real Madrid striker visited Stockholm in October during a break in the Spanish league. At the time, Mbappé’s legal team dismissed those reports as false. Travis Hunter, the 2-way standout for Colorado, is the AP college football player of the year BOULDER, Colo. (AP) — Colorado two-way standout Travis Hunter is The Associated Press college football player of the year. Hunter received 26 of the 43 votes from a panel of AP Top 25 voters. Boise State tailback Ashton Jeanty finished second with 16 votes, and Arizona State running back Cameron Skattebo received one vote. A throwback player who rarely left the field, Hunter had 92 catches for 1,152 yards and 14 touchdowns as a receiver. He had four interceptions and 11 passes defensed as a shutdown corner. Hunter helped the the 20th-ranked Buffaloes to a 9-3 record and an appearance in the Alamo Bowl against BYU. 2034 World Cup visitors will live in 'a bubble' and not see real life, Saudi rights activist says LONDON (AP) — A Saudi human rights activist says soccer fans visiting Saudi Arabia for the 2034 World Cup will live in a “bubble” that doesn't reflect real life there. Lina al-Hathloul is a London-based activist whose sister was jailed in Saudi Arabia then banned from travel after campaigning to end a ban on women driving. When FIFA confirmed the kingdom as the 2034 tournament host on Wednesday its president Gianni Infantino acknowledged “the world will be watching” for positive social change. Al-Hathloul says western people “will be very safe” at the World Cup but "will see a bubble of what Saudi Arabia is.” Team claims NASCAR rescinded approval to buy new charter unless federal antitrust suit is dropped CHARLOTTE, N.C. (AP) — A new court filing says NASCAR rejected Front Row Motorsports’ agreement to purchase a charter from Stewart-Haas Racing unless the team and 23XI Racing dropped their federal antitrust lawsuit against the stock car series. Front Row and 23XI rejected NASCAR's new revenue sharing agreement and have gone to court. NASCAR now says it will move forward in 2025 with 32 chartered teams and eight open spots, with offers on charters for Front Row and 23XI rescinded and the SHR charters in limbo. Indian teen Gukesh Dommaraju becomes the youngest chess world champion after beating Chinese rival NEW DELHI (AP) — Indian teenager Gukesh Dommaraju has become the youngest chess world champion after beating the defending champion Ding Liren of China. Dommaraju, 18, secured 7.5 points against 6.5 of his Chinese rival in Thursday's game which was played in Singapore. He has surpassed the achievement of Russia’s Garry Kasparov who won the title at the age of 22. Dommaraju is now also the second Indian to win the title after five-time world chess champion Viswanathan Anand. The Indian teen prodigy has long been considered a rising star in the chess world after he became a chess grandmaster at 12. He had entered the match as the youngest-ever challenger to the world crown after winning the Candidates tournament earlier this year. Hojlund scores twice for Manchester United to beat Viktoria Plzen 2-1 in Europa League Rasmus Hojlund scored twice after coming off the bench and Manchester United rallied to beat Viktoria Plzen 2-1 in the Europa League. The Denmark striker netted in the 88th minute after collecting Bruno Fernandes’ pass off a free kick to seal the victory. Ahead of the late games, United moved to fifth place with 12 points from six games. Hojlund came on in the 56th to replace Marcus Rashford and scored an equalizer six minutes later. In the Conference League a youthful Chelsea lineup made the most of a long trip to Kazakhstan by beating Astana 3-1 to stay perfect in the third-tier competition. Raiders player Charles Snowden facing misdemeanor DUI charge after Las Vegas arrest LAS VEGAS (AP) — Las Vegas Raiders football player Charles Snowden was arrested in Las Vegas on a misdemeanor charge of driving under the influence and released from custody. The NFL, the Raiders and Snowden’s attorneys acknowledged Thursday the 26-year-old first-year defensive end was arrested early Tuesday. He faces a scheduled court date in April. It’s not clear yet whether the arrest will affect Snowden’s status with the team. He has played every game this season, and the Raiders' next game is at home on Monday. Commissioner Roger Goodell can impose a three-game suspension without pay for a first violation of the league's alcohol abuse policy.
COLUMBUS, Ohio — Ohio State athletic director Ross Bjork said Thursday that he is "absolutely" confident that Ryan Day will be back as football coach in 2025. Calls to fire the sixth-year coach rose among Ohio State fans after the Buckeyes lost to Michigan for the fourth straight year. Bjork, in an interview on 97.1 The Fan, said Day is the man for the job, regardless of how the Buckeyes perform in the College Football Playoff. They host Tennessee in a first-round game Dec. 21. "Coach Day is awesome," said Bjork, who came from Texas A&M to replace the retiring Gene Smith last summer. "He's great to work with. He totally gets it. He loves being a Buckeye. So, we're going to support him at the highest level." The 13-10 loss to Michigan followed by an ugly melee between the teams put the coach in a precarious spot. He and his team were booed off the field by the home fans. Bjork ended up releasing a statement expressing his support for the coach. "The reason we had to say something after (the Michigan) game is, we're still breathing, we're still alive," Bjork said. "The season's not over. The book is not closed." Thanks to the playoff, Day has a chance to redeem himself with Ohio State's huge fanbase with a win against the Volunteers — and perhaps more in the 12-team tournament. Regardless of what happens, Day will be back next year, according to Bjork. "Coach Day and I just hit it off so well," Bjork said. "I've been really, really impressed. Every single time I talked to him, I learn something. He's innovative. He recruits at the highest level. He's got a great staff." Day wouldn't directly address his job status last weekend. "When you first come off those types of things, there's a lot of emotion," he said, referring to the Michigan loss. "And then as time goes on, you've got to get refocused because you know what you've done in the past does not affect what's going on moving forward. Everything is out in front of us." Failing to consistently beat Michigan is one of the few flaws in Day's coaching record. Hired as a member of coach Urban Meyer's staff in 2017, Day was the hand-picked successor when Meyer retired after the 2018 season. Compiling an overall 66-10 record, he is widely admired in the coaching community. "Great respect for what he's done in his coaching career, what he's done there at Ohio State and the success that they've had year-in and year-out," Tennessee coach Josh Heupel said. Day is in trouble now because losing The Game is considered an unforgiveable sin by Buckeyes fans. "What we have to do is this whole 'championship or bust' mentality, you want that as the goal, but it has to be about the process," Bjork said. "To me, we've got to maybe change some conversations a little bit. I think we need to maybe just approach things a little bit differently." Get local news delivered to your inbox!
BARCELONA, Spain (AP) — Robert Lewandowski converted a first-half penalty kick to become the third player to score 100 goals or more in the Champions League, behind Cristiano Ronaldo and Lionel Messi. Lewandowski calmly sent a low shot into the net from the spot in the 10th minute to give Barcelona a 1-0 lead against Brest. He scored his 101st goal from inside the area in second-half stoppage time to seal the Catalan's club 3-0 victory. Lewandowski trails the 129 goals of Messi and the 140 of Ronaldo, according to UEFA. Lewandowski needed 125 games to reach his milestone — two more games than Messi and 12 fewer than Ronaldo, who also scored once in the qualifying round. “I'm delighted, it's a nice number,” Lewandowski said. “In the past I didn’t think I could score more than 100 goals in the Champions League." Story continues below video It was Lewandowski's sixth and seventh Champions League goals this season. It's the ninth season in which the Poland striker has scored six or more goals. The 36-year-old Lewandowski is having a standout campaign, having scored 22 goals for Barcelona in 19 appearances. He is the Spanish league’s scoring leader with 15 goals from 14 matches. AP soccer: https://apnews.com/hub/soccer
SHANGHAI , Nov. 26, 2024 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") NOAH , a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today announced its unaudited financial results for the third quarter of 2024. THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS N et revenue s for the third quarter of 2024 were RMB683.7 million ( US$97.4 million ), an 8.8% decrease from the corresponding period in 2023, primarily due to a 33.0% decrease in net revenues from mainland China , which was partially offset by a 28.9% increase in net revenues from overseas. Net revenues from mainland China for the third quarter of 2024 were RMB306.8 million ( US$43.7 million ), a 33.0% decrease from the corresponding period in 2023, primarily due to decreases of 89.9% in revenue from distribution of domestic insurance products and 17.3% in revenue from recurring service fees from RMB private equity products. Net revenues from overseas for the third quarter of 2024 were RMB376.9 million ( US$53.7 million ), a 28.9% increase from the corresponding period in 2023, primarily due to increases of 42.5% in revenue from offshore investment products and 42.4% in revenue from insurance products, which were partially offset by a 38.8% decrease in revenue from other services provided to offshore high-net-worth investors. Net Revenues by segment is as follows: (RMB millions, except percentages) Q3 2023 Q3 2024 YoY Change Wealth management 548.8 465.0 (15.3 %) Asset management 191.4 208.9 9.2 % Other businesses 9.8 9.8 (0.7 %) Total net revenues 750.0 683.7 (8.8 %) Net Revenues by geography is as follows: (RMB millions, except percentages) Q3 2023 Q3 2024 YoY Change Mainland China 457.7 306.8 (33.0 %) Overseas 292.3 376.9 28.9 % Total net revenues 750.0 683.7 (8.8 %) Income from operations for the third quarter of 2024 was RMB240.8 million ( US$34.3 million ), a 3.2% decrease from the corresponding period in 2023, mainly due to the 8.8% decrease in net revenues, which was partially offset by an 11.6% decrease in operating costs and expenses driven by various cost control measures. Income from operations increased by 79.7% sequentially for the third quarter of 2024, primarily due to an 11.0% increase in net revenues and an 8.1% decrease in operating costs and expenses. Income from operations by segment is as follows: (RMB millions, except percentages) Q3 2023 Q3 2024 YoY Change Wealth management 154.5 138.9 (10.1 %) Asset management 106.5 122.5 15.0 % Other businesses (12.1) (20.6) 70.5 % Total income from operations 248.9 240.8 (3.2 %) Net income attributable to Noah shareholders for the third quarter of 2024 was RMB134.4 million ( US$19.2 million ), a 42.4% decrease from the corresponding period in 2023, mainly due to (i) a 3.2% decrease in income from operations; (ii) approximately RMB43.6 million in unrealized USD-denominated foreign exchange losses; and (iii) a one-off 30.0% increase in income tax expenses associated with a dividend withholding tax for offshore dividend payments from PRC subsidiaries. Net income attributable to Noah shareholders increased by 34.7% sequentially in the third quarter of 2024, mainly due to a 79.7% increase in income from operations. Non-GAAP [1] net income attributable to Noah shareholders for the third quarter of 2024 was RMB150.5 million ( US$21.4 million ), a 35.2% decrease from the corresponding period in 2023 and a 41.9% increase from the second quarter of 2024. THIRD QUARTER 2024 OPERATIONAL UPDATES Wealth Management Business Noah offers global investment products and provides value-added services to global Mandarin-speaking high-net-worth investors in its wealth management business. Noah primarily distributes private equity, private secondary, mutual funds and other products denominated in RMB, USD and other currencies. Total number of registered clients as of September 30, 2024 , was 460,380, a 1.8% increase from September 30, 2023 , and a 0.3% increase from June 30, 2024 . Among registered clients as of September 30, 2024 , the number of overseas registered clients was 17,287, a 20.9% increase from September 30, 2023 , and a 3.0% increase from June 30, 2024 . Total number of active clients [2] for the third quarter of 2024 was 7,857, a decrease of 17.2% from the third quarter of 2023 and a 9.0% decrease from the second quarter of 2024. Among active clients during the third quarter of 2024, the number of overseas active clients was 3,139, a 37.4% increase from the third quarter of 2023, and a 3.2% decrease from the second quarter of 2024. A ggregate value of investment products distributed during the third quarter of 2024 was RMB14.3 billion ( US$2.0 billion ), a 36.1% decrease from the corresponding period in 2023, mainly due to a 42.1% decrease in distribution of mutual fund products. The aggregate value of investment products distributed decreased by 1.1% sequentially, mainly due to a decrease in distribution of private secondary products. Among the investment products distributed during the third quarter of 2024, Noah distributed RMB7.8 billion ( US$1.1 billion ) of overseas investment products, an 11.4% increase from the corresponding period of 2023, primarily due to a 76.7% increase in distribution of overseas mutual fund products. The aggregate value of investment products distributed, categorized by product type, is as follows: Three months ended September 30, 2023 2024 Product type (RMB in billions, except percentages) Mutual fund products 14.9 66.9 % 8.6 60.6 % Private secondary products 5.7 25.4 % 3.6 25.0 % Private equity products 0.7 3.1 % 1.1 7.5 % Other products [3] 1.0 4.6 % 1.0 6.9 % All products 22.3 100.0 % 14.3 100.0 % The aggregate value of investment products distributed, categorized by geography, is as follows : Type of products in mainland China Three months ended September 30, 2023 2024 (RMB in billions, except percentages) Mutual fund products 12.9 84.0 % 5.2 80.2 % Private secondary products 1.8 11.4 % 0.8 12.3 % Private equity products - 0.3 % - 0.0 % Other products 0.7 4.3 % 0.5 7.5 % All products in mainland China 15.4 100.0 % 6.5 100.0 % Type of overseas products Three months ended September 30, 2023 2024 (RMB in billions, except percentages) Mutual fund products 2.0 28.1 % 3.4 44.6 % Private secondary products 3.9 56.2 % 2.8 35.7 % Private equity products 0.7 10.8 % 1.1 13.7 % Other products 0.3 4.9 % 0.5 6.0 % All Overseas products 6.9 100.0 % 7.8 100.0 % Coverage network in mainland China included 13 cities as of September 30, 2024 , compared with 59 cities as of September 30, 2023 , and 15 cities as of June 30, 2024 , primarily due to the continued streamlining of the Company's coverage network. Aggregate number of overseas relationship managers was 146 as of September 30, 2024 , an increase of 89.6% from September 30, 2023 , and 29.2% from June 30, 2024 . Asset Management Business Noah's asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management"), a leading multi-asset manager in China , and Olive Asset Management Co., Ltd. ("Olive Asset Management"), the Company's recently launched overseas asset management brand focused on providing global investment solutions with offices in Hong Kong and the United States . Gopher Asset Management and Olive Asset Management develop and manage assets ranging from private equity, real estate, public securities to multi-strategy investments denominated in RMB, USD and other currencies. Total assets under management as of September 30, 2024 , were RMB150.1 billion ( US$21.4 billion ), a 2.5% decrease from June 30, 2024 , and a 3.1% decrease from September 30, 2023 , mainly due to exits in RMB private equity investment products and exchange rate fluctuations affecting the value of overseas assets under management. Mainland China assets under management as of September 30, 2024 , were RMB110.6 billion ( US$15.8 billion ), compared with RMB119.5 billion as of September 30, 2023 , and RMB114.9 billion as of June 30, 2024 . Overseas assets under management as of September 30, 2024 , were RMB39.5 billion ( US$5.6 billion ), compared with RM35.4 billion as of September 30, 2023 , and RMB39.1 billion as of June 30, 2024 . Total assets under management, categorized by investment type, are as follows: Investment type As of June 30, 2024 Growth Allocation/ Redemption As of September 30, 2024 (RMB billions, except percentages) Private equity 133.0 86.4 % 0.5 3.4 [4] 130.1 86.7 % Public securities [5] 10.4 6.7 % 2.3 2.8 9.9 6.6 % Real estate 5.8 3.8 % - 0.3 5.5 3.7 % Multi-strategies 4.2 2.7 % - 0.1 4.1 2.7 % Others 0.6 0.4 % - 0.1 0.5 0.3 % All Investments 154.0 100.0 % 2.8 6.7 150.1 100.0 % Total assets under management, categorized by geography, are as follows: Mainland China Investment type As of June 30, 2024 Growth Allocation/ Redemption As of September 30, 2024 (RMB billions, except percentages) Private equity 103.4 90.1 % - 3.3 100.1 90.5 % Public securities 6.0 5.2 % 0.5 1.0 5.5 5.0 % Real estate 2.4 2.1 % - 0.2 2.2 2.0 % Multi-strategies 2.5 2.1 % - 0.2 2.3 2.0 % Others 0.6 0.5 % - 0.1 0.5 0.5 % All Investments 114.9 100.0 % 0.5 4.8 110.6 100.0 % Overseas Investment type As of June 30, 2024 Growth Allocation/ Redemption As of September 30, 2024 (RMB billions, except percentages) Private equity 29.6 75.5 % 0.5 0.1 30.0 75.9 % Public securities 4.4 11.2 % 1.8 1.8 4.4 11.1 % Real estate 3.4 8.7 % - 0.1 3.3 8.4 % Multi-strategies 1.7 4.6 % - (0.1) 1.8 4.6 % All Investments 39.1 100.0 % 2.3 1.9 39.5 100.0 % [1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and net of relevant tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. [2] "Active clients" for a given period refers to registered clients who purchase investment products distributed or receive services provided by the Company during that given period. [3] "Other products" refers to other investment products, which includes insurance products, multi-strategies products and others. [4] The asset allocation/redemption of overseas investment products includes the fluctuation result of foreign currencies exchange rate. [5] The asset allocation/redemption of public securities also includes market appreciation or depreciation. Other Businesses Noah's other businesses mainly include providing clients with additional comprehensive services and investment products. Operating results for other businesses also include headquarter rental income, depreciation and amortization, as well as operating expenses. Ms. Jingbo Wang , co-founder and chairwoman of Noah, commented, "I'm pleased to report a significant sequential rebound in net revenues, operating margin, and net income as the pace of our overseas expansion gains momentum and client demand for global asset allocation strengthens. Net revenues from overseas grew by 28.9% year-over-year, bolstered by ongoing investments to expand our global footprint. Our team of relationship managers directly supporting this expansion grew to 146 professionals, an increase of 89.6% year-over-year and 29.2% sequentially. We also opened our Japan office during the quarter to attract local Mandarin-speaking clients and are actively evaluating opportunities in other key potential markets such as Canada , Australia , Southeast Asia , and Europe , to capitalize on this momentum. While sluggish domestic markets continue to pose challenges, we are encouraged by initial signs of a recovery and improving client sentiment, driven by recent policies aimed at supporting the broader economy. We remain confident in the substantial potential for wealth management services tailored to global Mandarin-speaking high-net-worth investors, many of whom are currently underserved by local financial institutions. This presents us with significant opportunities to acquire new clients through our competitive global investment solutions and renowned service standards." THIRD QUARTER 2024 FINANCIAL RESULTS Net Revenues Net revenues for the third quarter of 2024 were RMB683 .7 million ( US$97 .4 million), an 8.8% decrease from the corresponding period in 2023. Wealth Management Business Net revenues from one-time commissions for the third quarter of 2024 were RMB175.1 million ( US$25.0 million ), an 11.8% decrease from the corresponding period in 2023, primarily due to a decrease in distribution of domestic insurance products. Net revenues from recurring service fees for the third quarter of 2024 were RMB251.0 million ( US$35.8 million ), a 10.3% decrease from the corresponding period in 2023, primarily due to a decrease in recurring service fees from private secondary products and private equity products associated with the decrease in assets under management in mainland China . Net revenues from performance-based income for the third quarter of 2024 were RMB3.0 million ( US$0.4 million ), a 65.8% decrease from the corresponding period of 2023, primarily due to a decrease in performance-based income from private secondary products. Net revenues from other service fees for the third quarter of 2024 were RMB35.9 million ( US$5.1 million ), a 41.7% decrease from the corresponding period in 2023, primarily due to a decrease in the value-added services offered to high-net-worth clients. Asset Management Business Net revenues from recurring service fees for the third quarter of 2024 were RMB150.6 million ( US$21.5 million ), a 19.1% decrease from the corresponding period in 2023, primarily due to a decrease in recurring service fees generated from RMB private equity products. Net revenues from performance-based income for the third quarter of 2024 were RMB58.0 million ( US$8.3 million ), a substantial increase from the corresponding period in 2023, primarily due to an increase in performance-based income realized from offshore private equity products. Other Businesses Net revenues for the third quarter of 2024 were RMB9.8 million ( US$1.4 million ), remaining flat compared with the corresponding period in 2023. Operating Costs and Expenses Operating costs and expenses for the third quarter of 2024 were RMB442.9 million ( US$63.1 million ), an 11.6% decrease from the corresponding period in 2023. Operating costs and expenses primarily consisted of (i) compensation and benefits of RMB310.0 million ( US$44.2 million ); (ii) selling expenses of RMB65.9 million ( US$9.4 million ); (iii) general and administrative expenses of RMB72.3 million ( US$10.3 million ); (iv) provision for of credit losses of RMB5.4 million ( US$0.8 million ); and (v) other operating expenses of RMB12.9 million ( US$1.8 million ). Operating costs and expenses for the wealth management business for the third quarter of 2024 were RMB326.1 million ( US$46.5 million ), a 17.3% decrease from the corresponding period in 2023, primarily due to decreases of 23.5% in compensation and benefits and 48.6% in selling expenses. Operating costs and expenses for the asset management business for the third quarter of 2024 were RMB86.4 million ( US$12.3 million ), a 1.8% increase from the corresponding period in 2023. Operating costs and expenses for other businesses for the third quarter of 2024 were RMB30.4 million ( US$4.3 million ), compared with RMB21.9 million from the corresponding period in 2023. Operating Margin Operating margin for the third quarter of 2024 was 35.2%, compared with 33.2% for the corresponding period in 2023. Operating margin for the wealth management business for the third quarter of 2024 was 29.9%, compared with 28.2% for the corresponding period in 2023. Operating margin for the asset management business for the third quarter of 2024 was 58.6%, compared with 55.6% for the corresponding period in 2023. Loss from operation for other businesses for the third quarter of 2024 was RMB20.6 million ( US$2.9 million ), compared with an operating loss of RMB12.1 million for the corresponding period in 2023. Interest Income Interest income for the third quarter of 2024 was RMB28.4 million ( US$4.0 million ), a 34.6% decrease from the corresponding period in 2023. Investment Income Investment income for the third quarter of 2024 was RMB16.3 million ( US$2.3 million ), compared with RMB9.6 million for the corresponding period in 2023. Income Tax Expenses Income tax expense s for the third quarter of 2024 were RMB89.0 million ( US$12.7 million ), a 30.0% increase from the corresponding period in 2023, primarily due to an increase in income tax expenses associated with a dividend withholding tax for offshore dividend payments from PRC subsidiaries. Net Income Net Income Net income for the third quarter of 2024 was RMB137.8 million ( US$19.6 million ), a 40.6% decrease from the corresponding period in 2023. Net margin for the third quarter of 2024 was 20.2%, compared with 30.9% for the corresponding period in 2023. Net income attributable to Noah shareholders for the third quarter of 2024 was RMB134.4 million ( US$19.2 million ), a 42.4% decrease from the corresponding period in 2023. Net margin attributable to Noah shareholders for the third quarter of 2024 was 19.7%, compared with 31.1% for the corresponding period in 2023. Net income attributable to Noah shareholders per basic and diluted ADS for the third quarter of 2024 was RMB1.91 (US$0.27) and RMB1.91 (US$0.27) , respectively, compared with RMB3.36 and RMB3.36 respectively, for the corresponding period in 2023. Non-GAAP Net Income Attributable to Noah Shareholders Non-GAAP net income attributable to Noah shareholders for the third quarter of 2024 was RMB150.5 million ( US$21.4 million ), a 35.2% decrease from the corresponding period in 2023. Non-GAAP net margin attributable to Noah shareholders for the third quarter of 2024 was 22.0%, compared with 31.0% for the corresponding period in 2023. Non-GAAP net income attributable to Noah shareholders per diluted ADS for the third quarter of 2024 was RMB2.14 (US$0.30) , down from RMB3.35 for the corresponding period in 2023. Balance Sheet and Cash Flow As of September 30, 2024 , the Company had RMB3,435.8 million ( US$489.6 million ) in cash and cash equivalents, compared with RMB4,604 .9 million as of June 30 , 2024 and RMB4,959.6 million as of September 30, 2023 . The sequential decrease in cash and cash equivalents was primarily due to the payment of dividends in the amount of RMB1,007.9 million ( US$143.6 million ) to shareholders and a reclassification of a short-term time deposit in the amount of RMB252.7 million ( US$36.0 million ) from cash and cash equivalents to short-term investments. Net cash inflow from the Company's operating activities during the third quarter of 2024 was RMB237.2 million ( US$33.8 million ), mainly due to cash inflow generated from net income from operations. Net cash outflow from the Company's investing activities during the third quarter of 2024 was RMB53.7 million ( US$7.7 million ), mainly due to cash used for long-term investments. Net cash outflow from the Company's financing activities was RMB1,010.8 million ( US$144.0 million ) in the third quarter of 2024, primarily due to payment of the final dividend to the Company's shareholders. CONFERENCE CALL The Company's senior management will host an earnings conference call to discuss its Q3 Results and recent business activities. Details of the conference call are as follows: Conference title: Noah Holdings 3Q24 Earnings Conference Call Date/Time: Tuesday, November 26, 2024, at 7:00 p.m., U.S. Eastern Time Wednesday, November 27, 2024, at 8:00 a.m., Hong Kong Time Dial in: – Hong Kong Toll Free: 800-963976 – United States Toll Free: 1-888-317-6003 – Mainland China Toll Free: 4001-206115 – International Toll: 1-412-317-6061 Participant Password: 5468333 A telephone replay will be available starting approximately one hour after the end of the conference until December 3, 2024 at 1-877-344-7529 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 6914431. A live and archived webcast of the conference call will be available at the Company's investor relations website under the "News & Events" section at http://ir.noahgroup.com . DISCUSSION OF NON-GAAP MEASURES In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation and net of tax impact, if any. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies. When evaluating the Company's operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management. ABOUT NOAH HOLDINGS LIMITED Noah Holdings Limited NOAH is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for mandarin-speaking high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH", and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share. In the first nine months of 2024, Noah distributed RMB47.6 billion ( US$6.8 billion ) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB150.1 billion ( US$21.4 billion ) as of September 30, 2024 . Noah's wealth management business primarily distributes private equity, public securities and insurance products denominated in RMB and other currencies. Noah's network covers major cities in mainland China , as well as Hong Kong ( China ), New York , Silicon Valley, Singapore , and Los Angeles . The Company's wealth management business had 460,380 registered clients as of September 30, 2024 . Through Gopher Asset Management and Olive Asset Management, Noah manages private equity, public securities, real estate, multi-strategy and other investments denominated in RMB and other currencies. The Company also operates other services. For more information, please visit Noah at ir.noahgroup.com . FOREIGN CURRENCY TRANSLATION In this announcement, the unaudited financial results for the third quarter of 2024 ended September 30, 2024 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.0176 to US$1.00 , the effective noon buying rate for September 30, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. SAFE HARBOR STATEMENT This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah's cash and cash equivalents and liquidity risk. A number of factors could cause Noah's actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah's investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China ; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law. -- FINANCIAL AND OPERATIONAL TABLES FOLLOW – Noah Holdings Limited Condensed Consolidated Balance Sheets (unaudited) As of June 30, September 30, September 30, 2024 2024 2024 RMB'000 RMB'000 USD'000 Assets Current assets: Cash and cash equivalents 4,604,946 3,435,758 489,592 Restricted cash 4,574 5,786 824 Short-term investments 1,287,400 1,297,914 184,951 Accounts receivable, net 429,417 460,076 65,560 Amounts due from related parties 444,937 468,264 66,727 Loans receivable, net 207,122 179,089 25,520 Other current assets 226,332 246,451 35,120 Total current assets 7,204,728 6,093,338 868,294 Long-term investments, net 742,322 960,572 136,880 Investment in affiliates 1,445,356 1,404,501 200,140 Property and equipment, net 2,416,072 2,395,438 341,347 Operating lease right-of-use assets, net 102,301 121,435 17,304 Deferred tax assets 400,401 400,447 57,063 Other non-current assets 155,825 145,394 20,718 Total Assets 12,467,005 11,521,125 1,641,746 Liabilities and Equity Current liabilities: Accrued payroll and welfare expenses 346,543 270,282 38,515 Income tax payable 76,318 130,136 18,544 Deferred revenues 73,857 76,867 10,953 Dividend payable 1,018,000 - - Contingent liabilities 475,777 459,436 65,469 Other current liabilities 420,527 437,260 62,309 Total current liabilities 2,411,022 1,373,981 195,790 Deferred tax liabilities 245,609 243,466 34,694 Operating lease liabilities, non-current 55,043 77,652 11,065 Other non-current liabilities 24,980 22,985 3,275 Total Liabilities 2,736,654 1,718,084 244,824 Equity 9,730,351 9,803,041 1,396,922 Total Liabilities and Equity 12,467,005 11,521,125 1,641,746 Noah Holdings Limited Condensed Consolidated Income Statements (In RMB'000, except for ADS data, per ADS data and percentages) (unaudited) Three months ended September 30, September 30, September 30, Change 2023 2024 2024 Revenues: RMB'000 RMB'000 USD'000 Revenues from others: One-time commissions 199,286 170,023 24,228 (14.7 %) Recurring service fees 171,408 166,138 23,674 (3.1 %) Performance-based income 8,440 2,974 424 (64.8 %) Other service fees 74,355 48,764 6,949 (34.4 %) Total revenues from others 453,489 387,899 55,275 (14.5 %) Revenues from funds Gopher manages: One-time commissions 32 6,014 857 18693.8 % Recurring service fees 295,982 236,638 33,721 (20.0 %) Performance-based income 5,543 58,151 8,286 949.1 % Total revenues from funds Gopher manages 301,557 300,803 42,864 (0.3 %) Total revenues 755,046 688,702 98,139 (8.8 %) Less: VAT related surcharges (5,088) (5,016) (715) (1.4 %) Net revenues 749,958 683,686 97,424 (8.8 %) Operating costs and expenses: Compensation and benefits Relationship managers (185,748) (137,082) (19,534) (26.2 %) Others (215,047) (172,902) (24,639) (19.6 %) Total compensation and benefits (400,795) (309,984) (44,173) (22.7 %) Selling expenses (119,707) (65,939) (9,396) (44.9 %) General and administrative expenses (67,407) (72,250) (10,296) 7.2 % Reversal of (Provision for) credit losses 525 (5,416) (772) N.A. Other operating expenses (18,982) (12,859) (1,832) (32.3 %) Government subsidies 105,297 23,576 3,360 (77.6 %) Total operating costs and expenses (501,069) (442,872) (63,109) (11.6 %) Income from operations 248,889 240,814 34,315 (3.2 %) Other income: Interest income 43,465 28,416 4,049 (34.6 %) Investment income 9,640 16,334 2,328 69.4 % Other income (expenses) 2,446 (43,577) (6,210) N.A. Total other income 55,551 1,173 167 (97.9 %) Income before taxes and income from equity in affiliates 304,440 241,987 34,482 (20.5 %) Income tax expense (68,499) (89,036) (12,688) 30.0 % Loss from equity in affiliates (3,897) (15,184) (2,164) 289.6 % Net income 232,044 137,767 19,630 (40.6 %) Less: net (loss) gain attributable to non-controlling interests (1,282) 3,351 478 N.A. Net income attributable to Noah shareholders 233,326 134,416 19,152 (42.4 %) Income per ADS, basic 3.36 1.91 0.27 (43.2 %) Income per ADS, diluted 3.36 1.91 0.27 (43.2 %) Margin analysis: Operating margin 33.2 % 35.2 % 35.2 % Net margin 30.9 % 20.2 % 20.2 % Weighted average ADS equivalent [1] : Basic 69,472,282 70,334,784 70,334,784 Diluted 69,485,287 70,396,502 70,396,502 ADS equivalent outstanding at end of period 63,154,215 65,824,608 65,824,608 [1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary share represents one ADS. Noah Holdings Limited Condensed Comprehensive Income Statements (unaudited) Three months ended September 30, September 30, September 30, Change 2023 2024 2024 RMB'000 RMB'000 USD'000 Net income 232,044 137,767 19,630 (40.6 %) Other comprehensive income, net of tax: Foreign currency translation adjustments 21,405 (92,022) (13,113) N.A. Comprehensive income 253,449 45,745 6,517 (82.0 %) Less: Comprehensive (loss) in com e attributable to non- controlling interests (1,169) 4,822 687 N.A. Comprehensive income attributable to Noah s hareholders 254,618 40,923 5,830 (83.9 %) Noah Holdings Limited Supplemental Information (unaudited) As of September 30, 2023 September 30, 2024 Change Number of registered clients 452,222 460,380 1.8 % Three months ended September 30, 2023 September 30, 2024 Change (in millions of RMB, except number of active clients and percentages) Number of active clients 9,489 7,857 (17.2 %) Transaction value: Private equity products 693 1,070 54.3 % Private secondary products 5,670 3,560 (37.2 %) Mutual fund products 14,929 8,651 (42.1 %) Other products 1,024 977 (4.5 %) Total transaction value 22,316 14,258 (36.1 %) Noah Holdings Limited Segment Condensed Income Statements (unaudited) Three months ended September 30, 2024 Wealth Management Business Asset Management Business Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others One-time commissions 170,023 - - 170,023 Recurring service fees 166,138 - - 166,138 Performance-based income 2,974 - - 2,974 Other service fees 36,087 - 12,677 48,764 Total revenues from others 375,222 - 12,677 387,899 Revenues from funds Gopher manages One-time commissions 5,776 238 - 6,014 Recurring service fees 85,850 150,788 - 236,638 Performance-based income 50 58,101 - 58,151 Total revenues from funds Gopher manages 91,676 209,127 - 300,803 Total revenues 466,898 209,127 12,677 688,702 Less: VAT related surcharges (1,881) (208) (2,927) (5,016) Net revenues 465,017 208,919 9,750 683,686 Operating costs and expenses: Compensation and benefits Relationship managers (129,395) (7,687) - (137,082) Others (118,388) (47,556) (6,958) (172,902) Total compensation and benefits (247,783) (55,243) (6,958) (309,984) Selling expenses (48,392) (11,704) (5,843) (65,939) General and administrative expenses (45,766) (17,500) (8,984) (72,250) Provision for credit losses (1,758) (2,203) (1,455) (5,416) Other operating expenses (5,708) (22) (7,129) (12,859) Government subsidies 23,350 226 - 23,576 Total operating costs and expenses (326,057) (86,446) (30,369) (442,872) Income (loss) from operations 138,960 122,473 (20,619) 240,814 Noah Holdings Limited Segment Condensed Income Statements (unaudited) Three months ended September 30, 2023 Wealth Management Business Asset Management Business Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others One-time commissions 199,286 - - 199,286 Recurring service fees 171,408 - - 171,408 Performance-based income 8,440 - - 8,440 Other service fees 61,915 - 12,440 74,355 Total revenues from others 441,049 - 12,440 453,489 Revenues from funds Gopher manages One-time commissions - 32 - 32 Recurring service fees 109,368 186,614 - 295,982 Performance-based income 405 5,138 - 5,543 Total revenues from funds Gopher manages 109,773 191,784 - 301,557 Total revenues 550,822 191,784 12,440 755,046 Less: VAT related surcharges (2,074) (389) (2,625) (5,088) Net revenues 548,748 191,395 9,815 749,958 Operating costs and expenses: Compensation and benefits Relationship managers (179,854) (5,894) - (185,748) Others (144,256) (64,041) (6,750) (215,047) Total compensation and benefits (324,110) (69,935) (6,750) (400,795) Selling expenses (94,088) (18,723) (6,896) (119,707) General and administrative expenses (53,401) (9,217) (4,789) (67,407) (Provision for) reversal of credit losses (894) (400) 1,819 525 Other operating expenses (11,677) (298) (7,007) (18,982) Government subsidies 89,925 13,656 1,716 105,297 Total operating costs and expenses (394,245) (84,917) (21,907) (501,069) Income (loss) from operations 154,503 106,478 (12,092) 248,889 Noah Holdings Limited Supplement Revenue Information by Geography (unaudited) Three months ended September 30, 2024 Wealth Management Business Asset Management Business Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Mainland China 225,569 73,589 12,677 311,835 Overseas 241,329 135,538 - 376,867 Total revenues 466,898 209,127 12,677 688,702 Three months ended September 30, 2023 Wealth Management Business Asset Management Business Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Mainland China 333,911 116,355 12,440 462,706 Overseas 216,911 75,429 - 292,340 Total revenues 550,822 191,784 12,440 755,046 Noah Holdings Limited Supplement Revenue Information by Product Types (unaudited) Three months ended September 30, 2023 September 30, 2024 Change (in thousands of RMB, except percentages) Mainland China: Public securities products [1] 137,967 108,038 (21.7 %) Private equity products 218,502 180,636 (17.3 %) Insurance products 85,445 8,617 (89.9 %) Others 20,792 14,544 (30.1 %) Subtotal 462,706 311,835 (32.6 %) Overseas: Investment products [2] 134,209 191,200 42.5 % Insurance products 101,754 144,942 42.4 % Online business [3] 2,706 7,865 190.7 % Others 53,671 32,860 (38.8 %) Subtotal 292,340 376,867 28.9 % Total revenues 755,046 688,702 (8.8 %) [1] Includes mutual funds and private secondary products. [2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate products and private credit products. [3] Includes money market mutual fund products, securities brokerage business. Noah Holdings Limited Supplement Information of Overseas Business (unaudited) Three months ended September 30, 2023 September 30, 2024 Change Net Revenues from Overseas (RMB, million) 292.3 376.9 28.9 % Number of Overseas Registered Clients 14,296 17,287 20.9 % Number of Overseas Active Clients 2,284 3,139 37.4 % Transaction Value of Overseas Investment Products (RMB, billion) 7.0 7.8 11.4 % Number of Overseas Relationship Managers 77 146 89.6 % Overseas Assets Under Management (RMB, billion) 35.4 39.5 11.6 % Noah Holdings Limited Reconciliation of GAAP to Non-GAAP Results (In RMB, except for per ADS data and percentages) (unaudited) Three months ended September 30, September 30, Change 2023 2024 RMB'000 RMB'000 Net income attributable to Noah shareholders 233,326 134,416 (42.4 %) Adjustment for share-based compensation (1,161) 19,846 N.A. Less: tax effect of adjustments (281) 3,745 N.A. Adjusted net income attributable to Noah shareholders (non-GAAP) 232,446 150,517 (35.2 %) Net margin attributable to Noah shareholders 31.1 % 19.7 % Non-GAAP net margin attributable to Noah shareholders 31.0 % 22.0 % Net income attributable to Noah shareholders per ADS, diluted 3.36 1.91 (43.2 %) Non-GAAP net income attributable to Noah shareholders per ADS, diluted 3.35 2.14 (36.1 %) View original content: https://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-third-quarter-of-2024-302316560.html SOURCE Noah Holdings Limited © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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