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SHANGHAI, Aug. 25, 2020 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH),a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced itsunaudited financial results for the second quarter of 2020. SECOND QUARTER 2020 FINANCIAL HIGHLIGHTS Net revenuesfor the second quarter of 2020 were RMB747.4million(US$105.8 million), a 0.2% increase from the first quarter of 2020, while a 14.2% decrease from the corresponding period in 2019. (RMB millions, except percentages) Q2 2019 Q2 2020 YoY Change Wealth management 625.6 542.8 (13.2%) Asset management 171.1 181.6 6.1% Lending and other businesses 74.9 23.0 (69.3%) Total net revenues 871.6 747.4 (14.2%) Income from operationsfor the second quarter of 2020 wasRMB319.5 million (US$45.2 million), a 24.7% increase from the first quarter of 2020, and a 26.9%increasefrom the corresponding period in 2019. (RMB millions, except percentages) Q2 2019 Q2 2020 YoY Change Wealth management 129.9 196.6 51.3% Asset management 86.8 100.8 16.1% Lending and other businesses 35.2 22.1 (36.9%) Total income from operations 251.9 319.5 26.9% Net income attributable to Noah shareholdersfor the second quarter of 2020 was RMB299.6 million (US$42.4 million), a 23.3% increase from the first quarter of 2020, and a 19.8% increase from the corresponding period in 2019. Non-GAAP[1] net income attributable to Noah shareholdersfor the second quarter of 2020 was RMB307.2 million (US$43.5million), a 20.1% increase from the first quarter of 2020, and a 16.7% increase from the corresponding period in 2019. SECOND QUARTER 2020 OPERATIONAL UPDATES Wealth Management Business The Company offers financial products and provides value-added services to high net worth clients in China and overseas for its wealth management business. Noah primarily distributes private equity, public securities, credit and other products denominated in RMB and other currencies. Total number of registered clientsas of June 30, 2020 was 332,157, a 17.1% increase from June 30, 2019, and a 3.4% increase from March 31, 2020. Total number of active clients[2] which excluded mutual fund clientsduring the second quarter of 2020 was 3,367, a 42.8% decrease from June 30, 2019, and a 17.4% decrease from the first quarter of 2020, as we are continuing in the transition of offering more online mutual fund products to our clients. Counting in mutual funds clients, the total number of clients who transacted with us during the second quarter of 2020 was 14,703, a 48.7% increase from the second quarter of 2019, and a 12.6% decrease from the first quarter of 2020. Aggregate value of financialproducts distributed during the second quarter of 2020 wasRMB21.4 billion (US$3.0 billion),a 12.0% decrease from the second quarter of 2019, and a 7.8% decrease from the first quarter of 2020. Three months ended June 30, 2019 2020 Product type (RMB in billions, except percentages) Credit products 9.8 40.0% 0.2 1.1% Private equity products 7.7 31.5% 2.5 11.9% Public securitiesproducts 6.0 24.7% 18.0 83.8% Other products 0.9 3.8% 0.7 3.2% All products 24.4 100.0% 21.4 100.0% Coverage network in mainland Chinaincluded264 service centers covering 78 cities asof June 30, 2020, compared with306 service centers covering 83 citiesas of June 30, 2019 and 292 service centers covering 78 cities as of March31, 2020. The decrease in the number of service centers and cities is primarily a result of consolidation of duplicate service centers in order to optimize costs and expenses. Number of relationship managerswas 1,196 as of June 30, 2020, a 16.2% decrease from June 30, 2019, and a 2.0% decrease from March 31, 2020, primarily as a result of the Company's efforts to streamline operational human resources. The turnover rate of core "elite" relationship managers was 1.4%, compared with 1.0% as of March 31, 2020. Asset Management Business The Company's asset management business is conducted through Gopher Asset Management Co., Ltd. ("Gopher Asset Management"), a leading alternative multi-asset manager in China with overseas offices in Hong Kong, the United States and Canada. Gopher Asset Management develops and manages assets ranging from private equity, real estate, public securities, credit to multi-strategy investments denominated in Renminbi and other currencies. Total assets under management as of June 30, 2020 were RMB159.4 billion (US$22.6 billion), a 1.4% decrease from March 31, 2020 and an 11.8% decrease from June 30, 2019. Investment type As ofMarch 31,2020 Growth Distribution/Redemption As ofJune 30,2020 (RMB billions, except percentages) Private equity 105.7 65.4% 2.1 0.1 107.7 67.6% Credit 19.9 12.3% 0.1 5.9 14.1 8.9% Real estate 18.2 11.3% 0.7 1.6 17.3 10.8% Public securities[3] 9.2 5.7% 3.2 0.6 11.8 7.4% Multi-strategies 8.7 5.3% 0.2 0.4 8.5 5.3% All Investments 161.7 100.0% 6.3 8.6 159.4 100.0% Lending and Other Businesses The Company's lending business utilizes an advanced risk-management system to assess and facilitate short-term loans to high quality borrowers, often secured with collateral. The total amount of loans originated during the second quarter of 2020 was RMB0.1 billion, compared with RMB2.8 billion for the corresponding period of 2019, due to the ongoing impact of COVID-19, and our voluntary reduction of loan origination. Other businesses include an online financial advisory platform. Ms. Jingbo Wang, co-founder and CEO of Noah, said, "We are very pleased to report strong results for the second quarter of 2020: our Non-GAAP net income rose 20.1% from the first quarter, representing a second highest record since our listing on the NYSE; our operating margin increased to 42.7% due to improved operation efficiency and higher performance income in connection with an increased number of successful primary market exits and a booming A-share market. The transaction value of public securities accounted for 83.8% of the total volume this quarter, demonstrating our continued commitment to distributing more standardized products to our clients. In this quarter, the outstanding amount of onshore mutual funds distributed on our mobile APP Fund Smile exceeded RMB10 billion, and our parallel offshore mutual fund mobile APP iNoah was launched, which jointly form the formation of Noah's global mutual funds platform. We are confident that the momentum we've seen in the past four quarters since our transformation will continue." SECOND QUARTER 2020 FINANCIAL RESULTS Net Revenues Net revenuesfor the second quarter of 2020 were RMB747.4 million (US$105.8 million), a 14.2% decrease from the corresponding period in 2019, primarily driven by decreased one-time commissions and other service fees, partially offset by increased recurring service fees and performance-based income. Wealth Management Business- Net revenues from one-time commissionsfor the second quarter of 2020 were RMB126.0 million (US$17.8 million), a 57.0% decrease from the corresponding period in 2019, primarily due to the decrease of transaction value as well as the distribution of lower one-time commission rates products.- Net revenues from recurring service feesfor the second quarter of 2020 were RMB310.3 million (US$43.9 million), a 15.5% increase from the corresponding period in 2019, mainly due to the service fees recognized upon liquidation of certain credit products with higher fee rates. - Net revenues from performance-based incomefor the second quarter of 2020 were RMB74.5 million (US$10.5 million), a 3,671.9% increase from the corresponding period of 2019, primarily due to a significant increase in performance-based income from public securities products as well as certain private equity products.- Net revenues from other service feesfor the second quarter of 2020 were RMB32.0 million (US$4.5 million), a 48.1% decrease from the corresponding period in 2019, primarily due to less value-added services Noah offers to its high net worth clients during the COVID-19 epidemic. Asset Management Business- Net revenues from recurring service fees for the second quarter of 2020 were RMB164.0 million (US$23.2 million), relatively flat compared with the corresponding period in 2019. - Net revenues from performance-based income for the second quarter of 2020 were RMB16.1 million (US$2.3 million), a 184.9% increase from the corresponding period in 2019, primarily due to an increase in performance-based income from private equity products. Lending and OtherBusinesses- Net revenues for the second quarter of 2020 were RMB23.0 million (US$3.3 million), a 69.3% decrease from the corresponding period in 2019. The decrease was primarily due to reduced loan origination since the second half of 2019 as well as the ongoing impact of COVID-19. Operating Costs and Expenses Operatingcosts andexpensesfor the second quarter of 2020 were RMB427.9 million (US$60.6 million), a 30.9% decrease from the corresponding period in 2019. Operating costs and expenses primarily consisted of compensation and benefits of RMB330.8 million (US$46.8 million), selling expenses of RMB62.6 million (US$8.9 million), general and administrative expenses of RMB68.5 million (US$9.7 million), provision of credit losses of RMB1.9 million (US$0.3 million) and other operating expenses of RMB20.7 million (US$2.9 million). Operating costs and expensesfor the wealth management businessfor the second quarter of 2020 were RMB346.2 million (US$49.0 million), a 30.2% decrease from the corresponding period in 2019, primarily due to a decrease in compensation and benefits and credit losses. Operating costs and expensesfor the asset management businessfor the second quarter of 2020 were RMB80.9 million (US$11.4 million), a 4.0% decrease from the corresponding period in 2019, primarily due to a decrease in compensation and benefits and credit losses. Operating costs and expensesfor the lending and other businessesfor the second quarter of 2020 were RMB0.8 million (US$0.1 million), a97.9% decrease from the corresponding period in 2019, primarily due to an increase in government grants in the amount of RMB14.6 million (US$2.1 million) . Operating Margin Operating margin for the second quarter of 2020 was 42.7%, increased from 28.9% for the corresponding period in 2019. Operating margin for the wealth management businessfor the second quarter of 2020 was 36.2%, compared with 20.8% for the corresponding period in 2019. Operating marginfor the asset management business for the second quarter of 2020 was 55.5%, compared with 50.8% for the corresponding period in 2019. Income from operation for the lending and other businessesfor the second quarter of 2020 was RMB22.1 million (US$3.1 million), compared with an operating income of RMB35.2 million for the corresponding period in 2019. Investment Income Investment incomefor the second quarter of 2020 was RMB4.7 million (US$0.7 million),compared with RMB11.8 million for the corresponding period in 2019. Income Tax Expenses Income tax expensesfor the second quarter of 2020 were RMB77.8 million (US$11.0 million), a 15.1% increase from the corresponding period in 2019, primarily due to higher taxable income. Income from Equity in Affiliates Income from equity in affiliatesfor the second quarter of 2020 was RMB40.7 million (US$5.8 million), a 41.2% increase from the corresponding period in 2019, primarily due to the increase of net income of the funds of funds we manage and invest in as the general partner or manager. Net Income Net Income- Net income for the second quarter of 2020 was RMB301.9 million (US$42.7 million), an 18.7% increase from the corresponding period in 2019.- Net margin for the second quarter of 2020 was 40.4%, up from 29.2% for the corresponding period in 2019.- Net income attributable to Noah shareholders for the second quarter of 2020 was RMB299.6 million (US$42.4 million), a 19.8% increase from the corresponding period in 2019.- Net margin attributable to Noah shareholders for the second quarter of 2020 was 40.1%, up from 28.7% for the corresponding period in 2019.- Net income attributable to Noah shareholders per basic and diluted ADSfor the second quarter of 2020 was RMB4.86 (US$0.69) and RMB4.84 (US$0.69), respectively, up from RMB4.09 and RMB4.04 respectively, for the corresponding period in 2019. Non-GAAP Net Income Attributable to Noah Shareholders - Non-GAAP net income attributable to Noah shareholders for the second quarter of 2020 was RMB307.2 million (US$43.5 million), a 16.7% increase from the corresponding period in 2019.- Non-GAAP net margin attributable to Noah shareholders for the second quarter of 2020 was 41.1%, compared with 30.2% for the corresponding period in 2019.- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the second quarter of 2020 was RMB4.96 (US$0.70), up from RMB4.25 for the corresponding period in 2019. Balance Sheet and Cash Flow As of June 30, 2020, the Company had RMB4,170.7 million (US$590.3 million)in cash and cash equivalents, compared with RMB4,045.8 million as of March 31, 2020 and RMB2,873.7 million as of June 30, 2019. Net cash outflow from the Company's operating activities during the second quarter of 2020 was RMB9.6 million (US$1.4 million), primarily due to payment of employee annual bonuses and annual tax filing in the second quarter. Net cash inflow from the Company's investing activities during the second quarter of 2020 was RMB130.8 million (US$18.5 million), primarily due to disposal of various investments in the second quarter. Net cash inflow from the Company's financing activities was RMB2.2 million (US$0.3 million) in the second quarter of 2020, primarily due to proceeds from issuance of ordinary shares upon exercise of stock options. UPDATE ON CREDIT FUNDS As the Company previously disclosed on July 8, 2019, August 29, 2019 and April 24, 2020, in connection with certain credit funds managed by an affiliate of Gopher Asset Management ("Gopher") providing supply chain financing involving companies related to Camsing International Holding Limited ("Camsing"), it is suspected that fraud has been committed by third parties related to those financings. A criminal investigation in China is ongoing, and Gopher is assisting PRC government authorities in their investigation, as well as pursuing all available actions, including filing civil litigations against the relevant parties, to protect investors ("Investor(s)") of the credit funds involved in Camsing incidents ("Camsing Products") who have outstanding economic interests in such products and to recover their assets. Furthermore, in order to share the growth of the Company with the Investors, to prevent distraction or diversion of its management resources from existing or potential claims, as well as to protect the best interests of its shareholders, the Company has decided to propose a settlement offer to the Investors. Under the settlement plan, each Investor will be granted a certain number of restricted share units ("RSUs") of the Company, typically over a period of up to ten years, the vesting of which is subject to certain conditions and a schedule not exceeding fifteen years. An investor accepting the offer shall agree to give up all his or her outstanding legal rights associated with Camsing Products and irrevocably release the Company and all its affiliated entities and individuals from any and all claims, known or unknown, that relate to the Camsing Products. Upon vesting of the RSUs, the Investor will receive Class A ordinary shares of the Company. On August 24, 2020, this settlement plan was approved by the board of directors (the "Board") of the Company and a total number of new Class A ordinary shares not exceeding 1.6% of the share capital of the Company has been authorized to be issued each year for a consecutive ten years. As of the date hereof, there are only claims initiated in China by several Investors against Gopher or its affiliates. These claims are at early stages and their impact on the Company remains unclear. [1] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, fair value changes of equity securities (unrealized), adjustment for sale of equity securities 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 high net worth clients who purchase financial products distributed or provided by Noah during that given period, excluding clients who transacted on our online mutual fund platform. [3] The asset distribution/redemption of public securities also includes market appreciation or depreciation. 2020 FORECAST The Company revises its non-GAAP net income attributable to Noah shareholders for the full year 2020 from the range of RMB800 million to RMB900 million, to the range of RMB900 million to RMB1billion. The revision is based on stronger than expected transaction value and performance income of public securities, improved operation efficiency and optimistic business estimation of the second half of 2020, despite the impact on overseas new insurance transactions from COVID-19 travel bans. This estimate reflects management's current business outlook and is subject to change. CONFERENCE CALL Senior management will host a combined English and Chinese language conference call to discuss the Company's second quarter 2020 unaudited financial results and recent business activities. The conference call may be accessed with the following details: Conference call details Date/Time: Monday, August 24, 2020 at 8:00 p.m., U.S. Eastern Time Tuesday, August 25, 2020 at 8:00 a.m., Hong Kong Time Dial in details: -United States Toll Free +1-866-311-7654 -Mainland China Toll Free 4001-201-203 -Hong Kong Toll Free 800-905-945 -Hong Kong Local Toll +852-301-84992 -International +1-412-317-5227 Conference Title: Noah Holdings2Q20 Earnings Conference Call Participant Password: Noah Holdings Limited A telephone replay will be available starting one hour after the end of the conference call until August 31, 2020 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 10146791. A live and archived webcast of the conference call will be available at Noah's investor relations website under the News & Events section at 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, fair value changes of equity investments (unrealized), adjustment for sale of equity securities 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 (NYSE: NOAH) is a leading wealth and asset management service provider in China with a focus on high net worth individuals. In the first half of 2020, Noah distributed RMB44.6 billion (US$6.3 billion) of financial products. Through Gopher Asset Management, Noah had assets under management of RMB159.4 billion (US$22.6 billion) asof June 30, 2020. Noah's wealth management business primarily distributes private equity, public securities, credit and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,196 relationship managers across 264 service centers in 78 cities in mainland China, and serves the international investment needs of its clients through offices in Hong Kong, Taiwan, United States, Canada, Australia and Singapore. The Company's wealth management business had 332,157 registered clients as of June 30, 2020. As a leading alternative multi-asset manager in China, Gopher Asset Management manages private equity, real estate, public securities,credit and multi-strategyinvestments denominated in Renminbi and other currencies.The Company also provides lending services and other businesses. For more information, please visit Noah at ir.noahgroup.com. FOREIGN CURRENCY TRANSLATION In this announcement, the unaudited financial results for the second quarter of 2020 ended June 30, 2020 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ 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 RMB7.0651 to US$1.00, the effective noon buying rate for June 30, 2020 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. Among other things, the outlook for 2020 and quotations from management in this announcement, as well as Noah's strategic and operational plans, contain forward-looking 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 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. 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; 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, including its annual reports on Form 20-F. 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 March 31, June 30, June 30, 2020 2020 2020 RMB'000 RMB'000 USD'000 Assets Current assets: Cash and cash equivalents 4,045,796 4,170,704 590,325 Restricted cash 6,583 4,098 580 Short-term investments 97,863 61,151 8,655 Accounts receivable, net 297,493 334,411 47,333 Loans receivable, net 620,905 619,811 87,729 Amounts due from related parties 757,278 766,189 108,447 Other current assets 196,857 199,908 28,295 Total current assets 6,022,775 6,156,272 871,364 Long-term investments, net 837,449 836,442 118,391 Investment in affiliates 1,325,649 1,291,255 182,765 Property and equipment, net 271,574 262,648 37,175 Operating lease right-of-use assets, net 337,405 343,925 48,679 Deferred tax assets 167,254 164,749 23,319 Other non-current assets 126,369 148,590 21,029 Total Assets 9,088,475 9,203,881 1,302,722 Liabilities and Equity Current liabilities: Accrued payroll and welfare expenses 644,420 461,530 65,325 Income tax payable 101,630 77,381 10,953 Deferred revenues 141,228 163,608 23,157 Other current liabilities 369,847 351,690 49,778 Total current liabilities 1,257,125 1,054,209 149,213 Operating lease liabilities, non-current 344,078 346,241 49,007 Deferred tax liabilities 56,804 56,480 7,994 Other non-current liabilities 2,787 3,526 499 Total Liabilities 1,660,794 1,460,456 206,713 Equity 7,427,681 7,743,425 1,096,009 Total Liabilities and Equity 9,088,475 9,203,881 1,302,722 Noah Holdings Limited Condensed Consolidated Income Statements (In RMB'000, except for USD data, per ADS data and percentages) (unaudited) Three months ended June 30, June 30, June 30, Change 2019 2020 2020 Revenues: RMB'000 RMB'000 USD'000 Revenues from others: One-time commissions 193,937 117,085 16,572 (39.6%) Recurring service fees 131,164 152,253 21,550 16.10% Performance-based income 2,051 57,206 8,097 2689.20% Other service fees 139,940 56,197 7,954 (59.8%) Total revenues from others 467,092 382,741 54,173 (18.1%) Revenues from funds Gophermanages: One-time commissions 101,104 10,431 1,476 (89.7%) Recurring service fees 303,578 324,174 45,884 6.80% Performance-based income 5,610 33,766 4,779 501.90% Total revenues from funds Gopher manages 410,292 368,371 52,139 (10.2%) Total revenues 877,384 751,112 106,312 (14.4%) Less: VAT related surcharges (5,786) (3,674) (520) (36.5%) Net revenues 871,598 747,438 105,792 (14.2%) Operating costs and expenses: Compensation and benefits Relationship managers (175,898) (113,044) (16,000) (35.7%) Others (261,604) (217,805) (30,828) (16.7%) Total compensation and benefits (437,502) (330,849) (46,828) (24.4%) Selling expenses (79,557) (62,622) (8,864) (21.3%) General and administrative expenses (47,742) (68,502) (9,696) 43.5% Provision for credit losses (36,461) (1,897) (269) (94.8%) Other operating expenses (51,063) (20,715) (2,932) (59.4%) Government grants 32,587 56,651 8,018 73.8% Total operating costs and expenses (619,738) (427,934) (60,571) (30.9%) Income from operations 251,860 319,504 45,221 26.9% Other income: Interest income 29,225 10,530 1,490 (64.0%) Investment income 11,847 4,711 667 (60.2%) Other income 310 4,298 608 1286.5% Total other income 41,382 19,539 2,765 (52.8%) Income before taxes and income from equity in affiliates 293,242 339,043 47,986 15.6% Income tax expense (67,622) (77,810) (11,013) 15.1% Income from equity in affiliates 28,829 40,693 5,760 41.2% Net income 254,449 301,926 42,733 18.7% Less: net income attributable to non- controlling interests 4,266 2,285 323 (46.4%) Net income attributable to Noah shareholders 250,183 299,641 42,410 19.8% Income per ADS, basic 4.09 4.86 0.69 18.8% Income per ADS, diluted 4.04 4.84 0.69 19.8% Margin analysis: Operating margin 28.9% 42.7% 42.7% Net margin 29.2% 40.4% 40.4% Weighted average ADS equivalent[1]: Basic 61,211,098 61,661,522 61,661,522 Diluted 61,966,245 61,921,913 61,921,913 ADS equivalent outstanding at end of period 61,259,417 61,698,055 61,698,055 [1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs. Noah Holdings Limited Condensed Consolidated Income Statements (In RMB'000, except for USD data, per ADS data and percentages) (unaudited) Six months ended June 30, June 30, June 30, Change 2019 2020 2020 Revenues: RMB'000 RMB'000 USD'000 Revenues from others: One-time commissions 410,580 324,270 45,897 (21.0%) Recurring service fees 263,640 300,710 42,563 14.1% Performance-based income 3,145 71,824 10,166 2,183.8% Other service fees 285,317 122,805 17,382 (57.0%) Total revenues from others 962,682 819,609 116,008 (14.9%) Revenues from funds Gopher manages: One-time commissions 209,012 15,180 2,149 (92.7%) Recurring service fees 591,734 627,624 88,834 6.1% Performance-based income 9,368 38,941 5,512 315.7% Total revenues from funds Gopher manages 810,114 681,745 96,495 (15.8%) Total revenues 1,772,796 1,501,354 212,503 (15.3%) Less: VAT related surcharges (11,314) (7,799) (1,104) (31.1%) Net revenues 1,761,482 1,493,555 211,399 (15.2%) Operating costs and expenses: Compensation and benefits Relationship managers (343,166) (283,096) (40,070) (17.5%) Others (498,641) (412,592) (58,399) (17.3%) Total compensation and benefits (841,807) (695,688) (98,469) (17.4%) Selling expenses (170,013) (107,162) (15,168) (37.0%) General and administrative expenses (106,743) (132,187) (18,710) 23.8% Provision for credit losses (36,010) (4,706) (666) (86.9%) Other operating expenses (101,891) (53,332) (7,549) (47.7%) Government grants 49,367 75,286 10,656 52.5% Total operating costs and expenses (1,207,097) (917,789) (129,906) (24.0%) Income from operations 554,385 575,766 81,493 3.9% Other income: Interest income 52,348 32,700 4,628 (37.5%) Interest expenses (430) - - N.A. Investment income 37,510 22,277 3,153 (40.6%) Other expense(income) (1,618) 5,156 730 N.A. Total other income 87,810 60,133 8,511 (31.5%) Income before taxes and income from equity in affiliates 642,195 635,899 90,004 (1.0%) Income tax expense (147,114) (146,086) (20,677) (0.7%) Income from equity in affiliates 46,952 55,769 7,894 18.8% Net income 542,033 545,582 77,221 0.7% Less: net income attributable to non-controlling interests 7,273 2,916 413 (59.9%) Net income attributable to Noah shareholders 534,760 542,666 76,808 1.5% Income per ADS, basic 8.78 8.80 1.25 0.2% Income per ADS, diluted 8.65 8.76 1.24 1.3% Margin analysis: Operating margin 31.5% 38.6% 38.6% Net margin 30.8% 36.5% 36.5% Weighted average ADS equivalent[1]: Basic 60,892,670 61,640,688 61,640,688 Diluted 61,933,765 61,949,755 61,949,755 ADS equivalent outstanding at end of period 61,259,417 61,698,055 61,698,055 [1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs. Noah Holdings Limited Condensed Comprehensive Income Statements (unaudited) Three months ended June 30, June 30, June 30, Change 2019 2020 2020 RMB'000 RMB'000 USD'000 Net income 254,449 301,926 42,733 18.7% Other comprehensive income, net of tax: Foreign currency translation adjustments 54,495 (7,160) (1,013) N.A. Fair value fluctuation of available for sale Investment (after tax) 2,339 110 (66.9%) 775 Comprehensive income 311,283 295,541 41,830 (5.1%) Less: Comprehensive income attributableto non-controlling interests 4,199 2,326 329 (44.6%) Comprehensive income attributable to Noahshareholders 307,084 293,215 41,501 (4.5%) Noah Holdings Limited Condensed Comprehensive Income Statements (unaudited) Six months ended June 30, June 30, June 30, Change 2019 2020 2020 RMB'000 RMB'000 USD'000 Net income 542,033 545,582 77,221 0.7% Other comprehensive income, net of tax: Foreign currency translation adjustments 23,637 30,159 4,269 27.6% Fair value fluctuation of available for sale Investment (after tax) 2,387 771 109 (67.7%) Comprehensive income 568,057 576,512 81,599 1.5% Less: Comprehensive income attributableto non-controlling interests 7,416 2,952 418 (60.2%) Comprehensive income attributable to Noahshareholders 560,641 573,560 81,181 2.3% Noah Holdings Limited Supplemental Information (unaudited) As of June 30, June 30, Change 2019 2020 Number of registered clients 283,655 332,157 17.1% Number of relationship managers 1,428 1,196 (16.2%) Number of cities in mainland China under coverage 83 78 (6.0%) Three months ended June 30, June 30, Change 2019 2020 (in millions of RMB, except number of active clients and percentages) Number of active clients[4] 5,882 3,367 (42.8%) Number of active clients including mutual fund clients 9,888 14,703 48.7% Transaction value: Credit products 9,750 232 (97.6%) Private equity products 7,658 2,551 (66.7%) Public securities products 6,021 17,971 198.5% Other products 934 689 (26.2%) Total transaction value 24,363 21,443 (12.0%) [4] "Active clients" for a given period refers to registered high net worth clients who purchase financial products distributed or provided by Noah during that given period, excluding clients who transacted on our online mutual fund platform. Noah Holdings Limited Segment Condensed Income Statements (unaudited) Three months ended June 30, 2020 WealthManagementBusiness AssetManagementBusiness Lending and OtherBusinesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others One-time commissions 116,719 366 - 117,085 Recurring service fees 151,607 646 - 152,253 Performance-based income 57,206 - - 57,206 Other service fees 32,163 627 23,407 56,197 Total revenues from others 357,695 1,639 23,407 382,741 Revenues from funds Gopher manages One-time commissions 9,860 571 - 10,431 Recurring service fees 160,202 163,972 - 324,174 Performance-based income 17,613 16,153 - 33,766 Total revenues from funds Gopher manages 187,675 180,696 - 368,371 Total revenues 545,370 182,335 23,407 751,112 Less: VAT related surcharges (2,560) (693) (421) (3,674) Net revenues 542,810 181,642 22,986 747,438 Operating costs and expenses: Compensation and benefits Relationship managers (113,044) - - (113,044) Others (129,238) (70,395) (18,172) (217,805) Total compensation and benefits (242,282) (70,395) (18,172) (330,849) Selling expenses (49,302) (8,407) (4,913) (62,622) General and administrative expenses (51,735) (12,994) (3,773) (68,502) Provision for credit losses - - (1,897) (1,897) Other operating expenses (17,796) (1,614) (1,305) (20,715) Government grants 14,868 12,549 29,234 56,651 Total operating costs and expenses (346,247) (80,861) (826) (427,934) Income from operations 196,563 100,781 22,160 319,504 Noah Holdings Limited Segment Condensed Income Statements (unaudited) Three months ended June 30, 2019 Wealth Management Business Asset Management Business Lending and Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Revenues from others One-time commissions 193,567 370 - 193,937 Recurring service fees 129,698 1,466 - 131,164 Performance-based income 1,984 67 - 2,051 Other service fees 62,032 1,193 76,715 139,940 Total revenues from others 387,281 3,096 76,715 467,092 Revenues from funds Gopher manages One-time commissions 101,104 - - 101,104 Recurring service fees 140,316 163,262 - 303,578 Performance-based income - 5,610 - 5,610 Total revenues from funds Gopher manages 241,420 168,872 - 410,292 Total revenues 628,701 171,968 76,715 877,384 Less: VAT related surcharges (3,070) (877) (1,839) (5,786) Net revenues 625,631 171,091 74,876 871,598 Operating costs and expenses: Compensation and benefits Relationship managers (175,851) - (47) (175,898) Others (162,491) (72,697) (26,416) (261,604) Total compensation and benefits (338,342) (72,697) (26,463) (437,502) Selling expenses (70,838) (4,344) (4,375) (79,557) General and administrative expenses (31,834) (11,143) (4,765) (47,742) Provision for credit losses (31,402) (2,635) (2,424) (36,461) Other operating expenses (32,179) (2,575) (16,309) (51,063) Government grants 8,821 9,144 14,622 32,587 Total operating costs and expenses (495,774) (84,250) (39,714) (619,738) Income from operations 129,857 86,841 35,162 251,860 Noah Holdings Limited Supplement Revenue Information by Geography (unaudited) Three months ended June 30, 2020 WealthManagementBusiness AssetManagementBusiness Lendingand Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Mainland China 392,284 150,489 23,407 566,180 Hong Kong 121,176 28,052 - 149,228 Others 31,910 3,794 - 35,704 Total revenues 545,370 182,335 23,407 751,112 Three months ended June 30, 2019 WealthManagementBusiness AssetManagementBusiness Lendingand Other Businesses Total RMB'000 RMB'000 RMB'000 RMB'000 Revenues: Mainland China 420,540 145,992 76,715 643,247 Hong Kong 178,002 23,705 - 201,707 Others 30,159 2,271 - 32,430 Total revenues 628,701 171,968 76,715 877,384 Noah Holdings Limited Reconciliation of GAAP to Non-GAAP Results (In RMB, except for per ADS data and percentages) (unaudited)[5] Three months ended June 30, June 30, Change 2019 2020 RMB'000 RMB'000 Net income attributable to Noah shareholders 250,183 299,641 19.8% Adjustment for share-based compensation 22,994 18,106 (21.3%) Less: gains from fair value changes of equity securities (unrealized) 10,775 2,316 (78.5%) Add: gains from sales of equity securities (realized) 4,951 - N.A. Less: tax effect of adjustments 3,977 8,200 106.2% Adjusted net income attributable to Noah shareholders(non-GAAP) 263,376 307,231 16.7% Net marginattributable to Noah shareholders 28.7% 40.1% Non-GAAP net margin attributable to Noah shareholders 30.2% 41.1% Net income attributable to Noah shareholders per ADS, diluted 4.04 4.84 19.8% Non-GAAP net income attributable to Noah shareholders per ADS, diluted 4.25 4.96 16.7% [5] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation, fair value changes of equity securities (unrealized), adjustment for sale of equity securities and net of tax impact, if any. Noah Holdings Limited Reconciliation of GAAP to Non-GAAP Results (In RMB, except for per ADS data and percentages) (unaudited) Six months ended June 30, June 30, Change 2019 2020 RMB'000 RMB'000 Net income attributable to Noah shareholders 534,760 542,666 1.5% Adjustment for share-based compensation 52,610 36,397 (30.8%) Less: gains from fair value changes of equity securities (unrealized) 19,517 8,399 (57.0%) Add: gains from sales of equity securities (realized) 9,836 - N.A. Less: tax effect of adjustments 9,691 7,548 (22.1%) Adjusted net income attributable to Noah shareholders (non-GAAP) 567,998 563,116 (0.9%) Net marginattributable to Noah shareholders 30.4% 36.3% Non-GAAP net margin attributable to Noah shareholders 32.2% 37.7% Net income attributable to Noah shareholders per ADS, diluted 8.65 8.76 1.3% Non-GAAP net income attributable to Noah shareholders per ADS, diluted 9.18 9.09 (1.0%) SOURCE Noah Holdings Limited Related Links www.noahwm.com

Answer: Noah Holdings Limited Announces Unaudited Financial Results for the Second Quarter of 2020