Noah Holdings Limited (NOAH) Q4 2024 Earnings Call Transcript

Noah Holdings Limited (NYSE:NOAH) Q4 2024 Results Conference Call March 25, 2025 8:00 PM ET

Company Participants

Melo Xi – Senior Director and Head of Global Capital Markets Group
Zhe Yin – Co-Founder, Director and CEO
Qing Pan – CFO
Wang Jingbo – Co-Founder and Chair

Conference Call Participants

Peter Zhang – JPMorgan

Operator

Good day, and welcome to the Noah Fourth Quarter and Full Year 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Melo Xi, Senior Director. Please go ahead.

Melo Xi

Thank you, operator. Good morning, and welcome to Noah’s Fourth Quarter and Full Year 2024 Earnings Conference Call. Joining me today on the call are Ms. Wang Jingbo, our Co-Founder and Chair Lady; Mr. Zander Yin, our Co-Founder, Director and CEO; and Mr. Qing Pan, our CFO. Mr. Yin will begin with an overview of our recent business highlights, followed by Mr. Pan, who will discuss our financial and operational results. They’ll all be available to take your questions in the Q&A session that follows.

Starting this quarter, we’ll begin disclosing net revenues for each domestic and overseas business unit to better reflect the organizational restructuring we have undergone and provide clearer understanding of the financial performance and strategic progress each unit has made. Domestically, we’ve broken down revenue into domestic public securities under Noah Upright, domestic asset management under Gopher Asset Management and domestic insurance brokerage under Glory. Overseas businesses have been broken down into overseas wealth management under ARK Private Wealth, overseas asset management under Olive Asset Management and overseas insurance and comprehensive services under Glory Family Heritage.

In addition, please note that the discussion today will contain forward-looking statements that are subject to risks and uncertainties that may cause actual