Noah : 1Q19 Earnings Results 110.7 KB

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NOAH HOLDINGS LIMITE	Donnelley Financial	VDI-W7-PFD-0138	EGV ayyar0dc	17-May-2019 00:15 EST	686183 TX 1	3*
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FORM 6-K					HKG		HTM ESS	0C
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2019

Commission File Number: 001-34936

Noah Holdings Limited

No. 1687 Changyang Road, Changyang Valley, Building 2

Shanghai 200090, People's Republic of China

(86) 21 8035 9221

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F☒

Form 40-F☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

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NOAH HOLDINGS LIMITE	Donnelley Financial	VDI-W7-PFD-0138	EGV ayyar0dc	17-May-2019 00:15 EST	686183 TX 2	3*
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Noah Holdings Limited

By: /s/ Shang-yan Chuang

Shang-yan Chuang

Chief Financial Officer

Date: May 17, 2019

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NOAH HOLDINGS LIMITE	Donnelley Financial	VDI-W7-PFD-0138	EGV ayyar0dc	17-May-2019 00:15 EST	686183 TX 3	3*
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EXHIBIT INDEX

Exhibit 99.1-Press Release

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NOAH HOLDINGS LIMITE	Donnelley Financial	FWPAXE-EGVRS10	EGV pf_rend	17-May-2019 01:27 EST	686183 EX99_1 1	7*
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Exhibit 99.1

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED

FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2019

SHANGHAI, May 17, 2019 - Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth and asset management service provider in China with a focus on high net worth individuals, today announced its unaudited financial results for the first quarter of 2019.

FIRST QUARTER 2019 FINANCIAL HIGHLIGHTS

•Net revenuesfor the first quarter of 2019 were RMB889.9 million (US$132.6 million), a 7.1% increase from the corresponding period in 2018.

(RMB millions,
except percentages)	Q1 2018	Q1 2019	YoY Change
Wealth management		594.2		623.4	4.9%
Asset management	194.3	167.9	(13.6%)
Lending and other businesses		42.4		98.6	132.6%
Total net revenues		830.9		889.9	7.1%

•Income from operationsfor the first quarter of 2019 was RMB302.5 million (US$45.1 million), a 10.2% increase from the corresponding period in 2018.

(RMB millions,
except percentages)	Q1 2018	Q1 2019		YoY Change
Wealth management
184.0	189.5	3.0%
Asset management	109.4	67.8	(38.1%)
Lending and other businesses	(18.9)	45.2		N.A.
Total income from operations	274.5	302.5	10.2%

•Net income attributable to Noah shareholdersfor the first quarter of 2019 was RMB284.6 million (US$42.4 million), a 6.0% increase from the corresponding period in 2018.

•Non-GAAP1net income attributable to Noah shareholdersfor the first quarter of 2019 was RMB304.6 million (US$45.4 million), a 19.9% increase from the corresponding period in 2018.

FIRST QUARTER 2019 OPERATIONAL UPDATES

Wealth Management Business

The Company's wealth management business offers financial products and provides value-added services to high net worth clients in China and overseas. Noah primarily distributes credit, private equity, public securities and insurance products denominated in RMB and other currencies.

1Noah'sNon-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.

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NOAH HOLDINGS LIMITE	Donnelley Financial	FWPAXE-EGVRS10	EGV pf_rend	17-May-2019 01:27 EST	686183 EX99_1 2	5*
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•Total number of registered clientsas of March 31, 2019 was 274,893, a 39.6% increase from March 31, 2018.

•Total number of active clients2during the first quarter of 2019 was 8,117, a 49.0% increase from the first quarter of 2018.

•Aggregate value of financial products distributedduring the first quarter of 2019 was RMB28.0 billion (US$4.2 billion), a 0.8% increase from the first quarter of 2018.

Product type		Three months ended March 31,
		2018			2019
	(RMB in billions, except percentages)
Credit3products	13.2	47.6%	22.1	78.8%
Private equity products	6.3	22.6%	1.3	4.8%
Public securities4products	7.9	28.2%	3.2	11.4%
Other products	0.4		1.6%	1.4	5.0%
All products	27.8		100.0%	28.0	100.0%

•Average transaction value per active client5for the first quarter of 2019 was RMB3.5 million (US$0.5 million), a 32.3% decrease from the corresponding period in 2018.

•Coverage networkin mainland China included 313 service centers covering 83 cities as of March 31, 2019, up from 263 service centers covering 81 cities as of March 31, 2018 and unchanged from December 31, 2018.

•Number of relationship managerswas 1,496 as of March 31, 2019, a 7.9% increase from March 31, 2018, but a 5.5% decrease from December 31, 2018.

Asset Management Business

The Company's asset management business, Gopher Asset Management, is a leading alternative multi-asset manager in China also with international offices in Hong Kong and the United States. Gopher Asset Management develops and manages private equity, real estate, public securities, credit and multi-strategy investments denominated in Renminbi and other currencies.

•Total assets under managementas of March 31, 2019 were RMB171.1 billion (US$25.5 billion), a 1.1% increase from December 31, 2018 and a 9.1% increase from March 31, 2018.

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.

3"Credit products" was previously referred to as "fixed income" products.

4"Public securities products" refer to the financial products that invest in publicly traded securities, including stocks and bonds. This was previously referred to as "secondary market equity" financial products. Starting in January 2019, we included the transaction value of mutual fund products in the total transaction value.

5"Average transaction value per active client" refers to the average value of financial products that were purchased by active clients during the period specified.

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NOAH HOLDINGS LIMITE	Donnelley Financial	FWPAXE-EGVRS10	EGV pf_rend	17-May-2019 01:27 EST			686183 EX99_1 3	5*
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								As of					Asset	As of
								December 31,	Asset		Expiration/	March 31,
	Investment type							2018			Growth		Redemption	2019
										(RMB billions, except percentages)
	Private equity						100.2		59.2%	2.1	1.2		101.1		59.1%
	Credit						39.4		23.3%	6.4	7.0	38.8		22.7%
	Real estate						16.7		9.9%	0.8	0.1	17.4		10.2%
	Public securities4						6.2		3.6%	1.0	0.36	6.9		4.0%
	Multi-strategies7							6.7		4.0%	0.3	0.1	6.9		4.0%
	All Investments							169.2		100.0%	10.6	8.7	171.1		100.0%

Lending and Other Businesses

The Company's lending services 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 first quarter of 2019 was RMB2.5 billion, as compared with RMB2.1 billion for the corresponding period of 2018, representing an increase of 17.2%. Other businesses include an online financial advisory platform and payment technology services.

Mr. Yi Zhao, Group President of Noah, said, "We have been focusing on the enhancement of operating efficiency, and successfully delivered another quarter of solid financial results, especially reflected in the improvement of operating margin. We have noticed that after the recent market challenges, high net worth clients have become increasingly rational and sophisticated, and their investment appetite has been gradually recovering, which provides us with enhanced business growth opportunities."

FIRST QUARTER 2019 FINANCIAL RESULTS

Net Revenues

Net revenuesfor the first quarter of 2019 were RMB889.9 million (US$132.6 million), a 7.1% increase from the corresponding period in 2018, primarily driven by increased recurring service fees and other service fees, partially offset by a decrease of performance-based income.

•Wealth Management Business

•Net revenues fromone-timecommissionsfor the first quarter of 2019 were RMB322.7 million (US$48.1 million), a 2.1% increase from the corresponding period in 2018, generally in line with the total amount of transaction value.

•Net revenues from recurring service feesfor the first quarter of 2019 were RMB256.2 million (US$38.2 million), a 5.4% increase from the corresponding period in 2018. The increase was primarily due to the cumulative effect of financial products with recurring service fees previously distributed.

•Net revenues fromperformance-basedincomefor the first quarter of 2019 were RMB1.2 million (US$0.2 million), compared with RMB20.0 million in the corresponding period of 2018. The decrease was primarily due to less performance-based income realized from public securities.

•Net revenues from other service feesfor the first quarter of 2019 were RMB43.3 million (US$6.4 million), compared with

RMB14.9 million in the corresponding period in 2018, primarily due to the growth of the various value-added services Noah offers to its high net worth clients.

6The asset expiration/redemption of public securities also includes market appreciation or depreciation.

7"Multi-strategies"investments were previously referred to as "other investments". 3

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NOAH HOLDINGS LIMITE	Donnelley Financial	FWPAXE-EGVRS10	EGV pf_rend	17-May-2019 01:27 EST	686183 EX99_1 4	4*
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•Asset Management Business

•Net revenues from recurring service feesfor the first quarter of 2019 were RMB162.7 million (US$24.2 million), a 6.4% increase from the corresponding period in 2018. The increase was primarily due to the increase in assets under management.

•Net revenues fromperformance-basedincomefor the first quarter of 2019 were RMB3.6 million (US$0.5 million), compared with RMB39.4 million in the corresponding period of 2018. The decrease was primarily due to less performance-based income realized from public securities.

•Lending and Other Businesses

•Net revenuesfor the first quarter of 2019 were RMB98.6 million (US$14.7 million), a 132.6% increase from the corresponding period in 2018. The increase was primarily due to the growth of loan origination and service fee income generated from loans originated in the previous periods.

Operating Costs and Expenses

Operating costs and expensesfor the first quarter of 2019 were RMB587.4 million (US$87.5 million), a 5.6% increase from the corresponding period in 2018. Operating costs and expenses primarily consisted of compensation and benefits of RMB404.3 million (US$60.2 million), selling expenses of RMB90.5 million (US$13.5 million), general and administrative expenses of RMB58.6 million (US$8.7 million) and other operating expenses of RMB50.8 million (US$7.6 million).

•Operating costs and expenses for the wealth management businessfor the first quarter of 2019 were RMB433.9 million (US$64.7 million), a 5.8% increase from the corresponding period in 2018, primarily due to an increase in compensation and benefits partially offset by a decrease in marketing expenses.

•Operating costs and expenses for the asset management businessfor the first quarter of 2019 were RMB100.1 million (US$14.9 million), a 17.9% increase from the corresponding period in 2018, primarily due to an increase in compensation and benefits.

•Operating costs and expenses for lending and other businessesfor the first quarter of 2019 were RMB53.4 million (US$8.0 million), a 12.9% decrease from the corresponding period in 2018, primarily due to a decrease in compensation and benefits as employees under non-lending businesses were restructured during the quarter.

Operating Margin

Operating marginfor the first quarter of 2019 was 34.0%, an increase from 33.0% for the corresponding period in 2018.

•Operating margin for the wealth management businessfor the first quarter of 2019 was 30.8%, compared with 31.0% for the corresponding period in 2018.

•Operating margin for the asset management businessfor the first quarter of 2019 was 39.1%, compared with 56.3% for the corresponding period in 2018.

•Income from operation for the lending and other businessesfor the first quarter of 2019 was RMB45.2 million (US$6.7 million), compared with an operating loss of RMB18.9 million for the corresponding period in 2018.

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NOAH HOLDINGS LIMITE	Donnelley Financial	FWPAXE-EGVRS10	EGV pf_rend	17-May-2019 01:27 EST	686183 EX99_1 5	5*
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Investment Income

Investment incomefor the first quarter of 2019 was RMB25.7 million (US$3.8 million), compared with RMB42.1 million for the corresponding period in 2018. The decrease was primarily related to the fluctuation of fair value of equity securities, which contributed RMB8.7 million (US$1.3 million) of investment income in the first quarter of 2019, as compared to RMB34.8 million investment income in the corresponding period of 2018.

Income Tax Expenses

Income tax expensesfor the first quarter of 2019 were RMB79.5 million (US$11.8 million), a 7.9% increase from the corresponding period in 2018. The increase was primarily due to higher taxable income.

Net Income

•Net Income

•Net incomefor the first quarter of 2019 was RMB287.6 million (US$42.9 million), a 10.3% increase from the corresponding period in 2018.

•Net marginfor the first quarter of 2019 was 32.3%, up from 31.4% for the corresponding period in 2018.

•Net income attributable to Noah shareholdersfor the first quarter of 2019 was RMB284.6 million (US$42.4 million), a 6.0% increase from the corresponding period in 2018.

•Net income attributable to Noah shareholders per basic and diluted ADSfor the first quarter of 2019 was RMB4.70 (US$0.70) and RMB4.57 (US$0.68), respectively, compared with RMB4.70 and RMB4.44 respectively, for the corresponding period in 2018.

•Non-GAAPNet Income Attributable to Noah Shareholders

•Non-GAAPnet income attributable to Noah shareholdersfor the first quarter of 2019 was RMB304.6 million (US$45.4 million), a 19.9% increase from the corresponding period in 2018.

•Non-GAAPnet margin attributable to Noah shareholdersfor the first quarter of 2019 was 34.2%, up from 30.6% for the corresponding period in 2018.

•Non-GAAPnet income attributable to Noah shareholders per diluted ADS for the first quarter of 2019 was RMB4.90 (US$0.73), up from RMB4.21 for the corresponding period in 2018.

Balance Sheet and Cash Flow

As of March 31, 2019, the Company had RMB2,869.6 million (US$427.6 million) in cash and cash equivalents, compared with RMB2,704.1 million as of December 31, 2018 and RMB2,151.4 million as of March 31, 2018.

Net cash inflow from the Company's operating activities during the first quarter of 2019 was RMB152.7 million (US$22.8 million), driven by profit earned from normal business operations and partially offset by working capital change.

Net cash outflow from the Company's investing activities during the first quarter of 2019 was RMB67.5 million (US$10.1 million), primarily due to the increase in property and equipment and various investments and partially offset by proceeds from sales of loans.

Net cash inflow from the Company's financing activities was RMB88.6 million (US$13.2 million) in the first quarter of 2019, primarily due to the capital contribution by non-controlling shareholders of a consolidated subsidiary.

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2019 FORECAST

The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2019 will be in the range of RMB1.13 billion to RMB1.18 billion, an increase of 11.9% to 16.8% compared with the full year 2018. 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 first quarter 2019 unaudited financial results and recent business activities.

The conference call may be accessed with the following details:

Conference call details
Date/Time:	Thursday, May 16, 2019 at 8:00 p.m., U.S. Eastern Time
	Friday, May 17, 2019 at 8:00 a.m., Hong Kong Time
Dial in details:
- United States Toll Free	[phone]
- Mainland China Toll Free	4001-206-115
- Hong Kong Toll Free	800-963-976
- International	[phone]
Conference Title:	Noah Holdings First Quarter 2019 Earnings Call
Participant Entry No.:	1098879

Participants will need to dial in 10-15 minutes early and use this Entry Number in order to join the conference.

A telephone replay will be available starting one hour after the end of the conference call until May 23, 2019 at [phone] (US Toll Free) or [phone] (International Toll). The replay access code is 10131248.

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.

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NOAH HOLDINGS LIMITE	Donnelley Financial	FWPAXE-EGVRS10	EGV pf_rend	17-May-2019 01:27 EST	686183 EX99_1 7	4*
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DISCUSSION OF RECENTLY ADOPTED ACCOUNTING STANDARD AND NON-GAAP MEASURES

In the first quarter of 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. We adopted the new guidance using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating comparative periods. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases. The Company also elected the package of practical expedients, which among other things, does not require reassessment of lease classification.

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 quarter of 2019, Noah distributed RMB28.0 billion (US$4.2 billion) of financial products. Through Gopher Asset Management, Noah had assets under management of RMB171.1 billion (US$25.5 billion) as of March 31, 2019.

Noah's wealth management business primarily distributes credit, private equity, public securities and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,496 relationship managers across 313 service centers in 83 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 274,893 registered clients as of March 31, 2019. As a leading alternative multi-asset manager in China, Gopher Asset Management manages private equity, real estate, public securities, credit and multi-strategy investments denominated in Renminbi and other currencies. The Company also provides lending services and other services including an online financial advisory platform and payment technology services.

For more information, please visit Noah at ir.noahgroup.com.

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FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the first quarter of 2019 ended March 31, 2019 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 RMB6.7112 to US$1.00, the effective noon buying rate for March 29, 2019 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 2019 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.

Contacts:

Noah Holdings Limited

Eva Ma

Tel: [phone] [e-mail]

- FINANCIAL AND OPERATIONAL TABLES FOLLOW -

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			Noah Holdings Limited
		Condensed Consolidated Balance Sheets
					(unaudited)
										As of
								December 31,	March 31,	March 31,
								2018		2019		2019
								RMB'000	RMB'000	USD'000
	Assets
	Current assets:
	Cash and cash equivalents							2,704,091	2,869,638	427,589
	Restricted cash							2,500	2,500		373
	Short-term investments (including short-term investments measured at fair value of RMB438,077
	thousands and RMB469,205 thousands, as of December 31, 2018 and March 31, 2019, respectively)	450,477	501,646	74,748
	Accounts receivable, net of allowance for doubtful accounts of nil as of December 31, 2018 and
	March 31, 2019							282,431	330,770	49,286
	Loans receivable, net							620,219	507,650	75,642
	Amounts due from related parties						572,201	664,305	98,985
	Loans receivable from factoring business						18,893	14,010	2,088
	Other current assets							453,269	476,160	70,950
	Total current assets							5,104,081	5,366,679	799,661
	Long-term investments (including long-term investments measured at fair value of RMB609,151 thousands
	and RMB687,159 thousands, as of December 31, 2018 and March 31, 2019, respectively)	1,025,065	1,056,387	157,407
	Investment in affiliates							1,375,110	1,401,542	208,836
	Property and equipment, net							346,653	332,570	49,554
	Operating lease right-of-use assets, net						-	290,062	43,220
	Non-current deferred tax assets							113,384	113,383	16,895
	Other non-current assets							49,971	67,577	10,068
	Total Assets							8,014,264	8,628,200	1,285,641
	Liabilities and Equity
	Current liabilities:
	Accrued payroll and welfare expenses						671,200	727,796	108,445
	Income tax payable							54,296	106,337	15,845
	Deferred revenues							142,925	154,723	23,054
	Other current liabilities							722,652	540,184	80,490
	Total current liabilities							1,591,073	1,529,040	227,834
	Operating lease liabilities, non-current						-	311,650	46,437
	Non-current deferred tax liabilities						67,092	66,992	9,982
	Convertible notes							145,004	-		-
	Other non-current liabilities							35,718	28,638	4,267
	Total Liabilities							1,838,887	1,936,320	288,520
	Equity							6,175,377	6,691,880	997,121
	Total Liabilities and Equity							8,014,264	8,628,200	1,285,641
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NOAH HOLDINGS LIMITE	Donnelley Financial	FWPAXE-EGVRS10	EGV pf_rend	17-May-2019 01:28 EST	686183 EX99_1 10	4*
12.10.7.0
FORM 6-K					HKG		HTM ESS	0C
							Page 1 of 1

Noah Holdings Limited

Condensed Consolidated Income Statements

(In RMB'000, except for USD data, per ADS data and percentages)

(unaudited)

			Three months ended
	March 31,	March 31,	March 31,	Change
	2018		2019		2019
	RMB'000	RMB'000	USD'000
Revenues:
Revenues from others:
One-time commissions	219,541	216,643		32,281	(1.3%)
Recurring service fees	143,932	132,476		19,740	(8.0%)
Performance-based income	20,657	1,094		163	(94.7%)
Other service fees	59,989	145,377		21,662	142.3%
Total revenues from others	444,119	495,590		73,846	11.6%
Revenues from funds Gopher manages:
One-time commissions	98,384	107,908		16,079	9.7%
Recurring service fees	254,067	288,156		42,937		13.4%
Performance-based income	39,048	3,758		560	(90.4%)
Total revenues from funds Gopher manages	391,499	399,822		59,576	2.1%
Total revenues	835,618	895,412		133,422	7.2%
Less: VAT related surcharges	(4,699)	(5,528)	(824)	17.6%
Net revenues	830,919	889,884		132,598	7.1%
Operating costs and expenses:
Compensation and benefits
Relationship manager compensation	(158,701)	(167,268)	(24,924)	5.4%
Performance fee compensation	(6,200)	(1,276)	(190)	(79.4%)
Other compensations	(195,812)	(235,761)	(35,129)	20.4%
Total compensation and benefits	(360,713)	(404,305)	(60,243)	12.1%
Selling expenses	(106,259)	(90,456)	(13,478)	(14.9%)
General and administrative expenses	(55,929)	(58,550)	(8,724)	4.7%
Other operating expenses	(37,963)	(50,828)	(7,574)	33.9%
Government subsidies	4,488	16,780		2,500	273.9%
Total operating costs and expenses	(556,376)	(587,359)	(87,519)	5.6%
Income from operations	274,543	302,525		45,079	10.2%
Other income:
Interest income	22,867	23,123		3,445	1.1%
Interest expenses	(6,869)	(430)	(64)	(93.7%)
Investment income	42,132	25,663		3,824		(39.1%)
Other income (expense)	1,163	(1,928)	(287)	(265.8%)
Total other income	59,293	46,428		6,918	(21.7%)
Income before taxes and income from equity in affiliates	333,836	348,953		51,997	4.5%
Income tax expense	(73,662)	(79,492)	(11,845)	7.9%
Income from equity in affiliates	652	18,123		2,700	2,679.6%
Net income	260,826	287,584		42,852	10.3%
Less: net (loss) income attributable to non-controlling interests	(7,639)	3,007		448	N.A.
Net income attributable to Noah shareholders	268,465	284,577		42,404	6.0%
Income per ADS, basic	4.70	4.70		0.70	-
Income per ADS, diluted	4.44	4.57		0.68	2.9%
Margin analysis:
Operating margin	33.0%	34.0%	34.0%
Net margin	31.4%	32.3%	32.3%
Weighted average ADS equivalent[1]:
Basic	57,166,048	60,570,704		60,570,704
Diluted	61,384,898	62,355,964		62,355,964
ADS equivalent outstanding at end of period	57,225,760	61,180,845		61,180,845

[1]Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs.

10

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NOAH HOLDINGS LIMITE	Donnelley Financial	FWPAXE-EGVRS10	EGV pf_rend	17-May-2019 01:28 EST	686183 EX99_1 11	4*
12.10.7.0
FORM 6-K	START PAGE				HKG						HTM ESS	0C
												Page 1 of 1
			Noah Holdings Limited
		Condensed Comprehensive Income Statements
					(unaudited)
										Three months ended
								March 31,	March 31,	March 31,
								2018		2019		2019		Change
								RMB'000	RMB'000	USD'000
	Net income						260,826		287,584		42,851		10.3%
	Other comprehensive income, net of tax:
	Foreign currency translation adjustments					(34,863)	(30,858)	(4,598)	(11.5%)
	Fair value fluctuation of available for sale Investment (after tax)				1,376		74		11		(94.6%)
	Comprehensive income							227,339		256,800		38,264		13.0%
	Less: Comprehensive (loss) income attributable to non-controlling interests		(7,579)	3,217	479		N.A.
	Comprehensive income attributable to Noah shareholders				234,918		253,583		37,785		7.9%
						11

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NOAH HOLDINGS LIMITE	Donnelley Financial	FWPAXE-EGVRS10	EGV pf_rend	17-May-2019 01:28 EST	686183 EX99_1 12	5*
12.10.7.0
FORM 6-K	START PAGE				HKG						HTM ESS	0C
												Page 1 of 1
			Noah Holdings Limited
			Supplemental Information
					(unaudited)
									As of
								March 31,	March 31,
								2018		2019			Change
	Number of registered clients						196,927		274,893	39.6%
	Number of relationship managers						1,386		1,496	7.9%
	Number of cities under coverage in mainland China					81		83	2.5%
								Three months ended
								March 31,	March 31,
								2018		2019			Change
								(in millions of RMB, except number of active clients and
										percentages)
	Number of active clients						5,449		8,117	49.0%
	Transaction value:
	Credit products						13,247		22,101	66.8%
	Private equity products						6,279		1,333	(78.8%)
	Public securities products						7,854		3,205	(59.2%)
	Other products							433		1,401	223.5%
	Total transaction value							27,813		28,040	0.8%
	Average transaction value per active client					5.10		3.45	(32.3%)
						12

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										200GB9TB5Tfr6Re6i
NOAH HOLDINGS LIMITE	Donnelley Financial	FWPAXE-EGVRS10	EGV pf_rend	17-May-2019 01:28 EST	686183 EX99_1 13	5*
12.10.7.0
FORM 6-K	START PAGE				HKG							HTM ESS	0C
												Page 1 of 1
			Noah Holdings Limited
		Segment Condensed Income Statements
					(unaudited)
								Three months ended March 31, 2019
								Wealth	Asset	Lending
							Management	Management	and Other
								Business		Business		Businesses	Total
								RMB'000		RMB'000		RMB'000		RMB'000
	Revenues:
	Revenues from others:
	One-time commissions						216,180	463	-	216,643
	Recurring service fees						131,618	858	-	132,476
	Performance-based income						1,094	-	-	1,094
	Other service fees							43,445	1,166	100,766	145,377
	Total revenues from others							392,337	2,487	100,766	495,590
	Revenues from funds Gopher manages:
	One-time commissions						107,908	-	-	107,908
	Recurring service fees						125,751	162,405	-	288,156
	Performance-based income							97	3,661	-	3,758
	Total revenues from funds Gopher manages						233,756	166,066	-	399,822
	Total revenues							626,093	168,553	100,766	895,412
	Less: VAT related surcharges							(2,730)	(628)	(2,170)	(5,528)
	Net revenues							623,363	167,925	98,596	889,884
	Operating costs and expenses:
	Compensation and benefits
	Relationship manager compensation					(167,125)	-	(143)	(167,268)
	Performance fee compensation						-	(1,276)	-	(1,276)
	Other compensations						(146,458)	(63,936) (25,367) (235,761)
	Total compensation and benefits						(313,583)	(65,212)	(25,510)	(404,305)
	Selling expenses						(83,114)	(3,903)	(3,439)	(90,456)
	General and administrative expenses					(37,336)	(15,261)	(5,953)	(58,550)
	Other operating expenses						(15,086)	(17,266)	(18,476)	(50,828)
	Government subsidies							15,218	1,562	-	16,780
	Total operating costs and expenses							(433,901)	(100,080) (53,378) (587,359)
	Income from operations						189,462	67,845	45,218	302,525
						13

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										200GB9TB5Tfr9Vy6X
NOAH HOLDINGS LIMITE	Donnelley Financial	FWPAXE-EGVRS10	EGV pf_rend	17-May-2019 01:28 EST	686183 EX99_1 14	5*
12.10.7.0
FORM 6-K	START PAGE				HKG						HTM ESS	0C
												Page 1 of 1
			Noah Holdings Limited
		Segment Condensed Income Statements
					(unaudited)
								Three months ended March 31, 2018
								Wealth	Asset	Lending
								Management	Management	and Other
								Business		Business		Businesses		Total
								RMB'000	RMB'000	RMB'000	RMB'000
	Revenues:
	Revenues from others:
	One-time commissions						219,283	258	-	219,541
	Recurring service fees						141,329	2,603	-	143,932
	Performance-based income						20,126	531	-	20,657
	Other service fees							14,993	1,791	43,205		59,989
	Total revenues from others							395,731	5,183	43,205		444,119
	Revenues from funds Gopher manages:
	One-time commissions						98,318	66	-	98,384
	Recurring service fees						103,069	150,998	-	254,067
	Performance-based income							-		39,048	-	39,048
	Total revenues from funds Gopher manages						201,387	190,112	-	391,499
	Total revenues							597,118	195,295	43,205		835,618
	Less: VAT related surcharges							(2,936)	(944)	(819)	(4,699)
	Net revenues							594,182	194,351	42,386		830,919
	Operating costs and expenses:
	Compensation and benefits
	Relationship manager compensation					(157,926)	-	(775)	(158,701)
	Performance fee compensation						-	(6,200)	-	(6,200)
	Other compensations							(118,761)	(45,143) (31,908) (195,812)
	Total compensation and benefits							(276,687)	(51,343)	(32,683)	(360,713)
	Selling expenses						(91,314)	(5,814)	(9,131)	(106,259)
	General and administrative expenses					(36,716)	(13,754)	(5,459)	(55,929)
	Other operating expenses						(8,295)	(14,605)	(15,063)	(37,963)
	Government subsidies							2,808	640	1,040		4,488
	Total operating costs and expenses							(410,204)	(84,876) (61,296) (556,376)
	Income (loss) from operations							183,978	109,475	(18,910)	274,543
						14

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200GB9TB5TfrFH16r

NOAH HOLDINGS LIMITE

Donnelley Financial

FWPAXE-EGVRS10

EGV pf_rend

17-May-2019 01:28 EST

686183 EX99_1 15

4*

12.10.7.0

FORM 6-K

START PAGE

HKG

HTM ESS

0C

Page 1 of 1

Noah Holdings Limited

Supplement Revenue Information for Segment

(unaudited)

Three months ended March 31, 2019

Wealth

Asset

Lending

Management

Management

and Other

Business

Business

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

401,523

145,608

100,766

647,897

Hong Kong

180,596

20,943

-

201,539

Others

43,974

2,002

-

45,976

Total revenues

626,093

168,553

100,766

895,412

Three months ended March 31, 2018

Wealth

Asset

Lending

Management

Management

and Other

Business

Business

Businesses

Total

RMB'000

RMB'000

RMB'000

RMB'000

Revenues:

Mainland China

463,431

150,429

43,205

657,065

Hong Kong

133,687

44,866

-

178,553

Total revenues

597,118

195,295

43,205

835,618

15

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							200GB9TB5TfrJkpgw
NOAH HOLDINGS LIMITE	Donnelley Financial	FWPAXE-EGVRS10	EGV pf_rend	17-May-2019 01:28 EST	686183 EX99_1 16	6*
12.10.7.0
FORM 6-K	START PAGE				HKG		HTM ESS	0C
							Page 1 of 1

Noah Holdings Limited

Reconciliation of GAAP to Non-GAAP Results

(In RMB, except for per ADS data and percentages)

(unaudited) 8

		Three months ended
	March 31,	March 31,
	2018		2019		Change
	RMB'000	RMB'000
Net income attributable to Noah shareholders	268,465	284,577	6.0%
Adjustment for share-based compensation related to:
Share options	12,210	13,413	9.9%
Restricted shares	10,491	16,203	54.4%
Less: gains from fair value changes of equity securities (unrealized)	34,788	8,742	(74.9%)
Add: gains from sales of equity securities (realized)	-	4,885		N.A.
Less: Tax effect of adjustments	2,283	5,714	150.3%
Adjusted net income attributable to Noah shareholders (non-GAAP)	254,095		304,622	19.9%
Net margin attributable to Noah shareholders	32.3%	32.0%
Non-GAAP net margin attributable to Noah shareholders	30.6%	34.2%
Net income attributable to Noah shareholders per ADS, diluted	4.44		4.57	2.9%
Non-GAAP net income attributable to Noah shareholders per ADS, diluted	4.21	4.90	16.4%

8Noah'sNon-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.

16