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PR Newswire is an important news source that can be accessed via the X-Billboard. It is part of the Newswire Hub, which bundles important international news sources for stock market participants in one central location. If you want to get a quick overview, you can easily scroll through the headlines. If you want to look at the news in more detail, you can use the detailed views of the info cards to directly access the respective news item and other analysis tools.
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State: 17.08.2024 | 11PM
Tue, 26.11.2024       Noah
US65487X1028

SHANGHAI, Nov. 26, 2024 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), 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

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, 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.
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