诺亚财富投资管理有限公司财务分析 简介
诺亚财富投资管理有限公司是一家专业理财机构，致力于为中国高净值客户提供客观中立的理财解决方案，主要客户是个人流动资产最少在人民币300万元以上的富豪阶层。诺亚财富于2010年11月11日在纽约证券交易所挂牌上市，代码为“NOAH”，发行价12.00美元，融资金额约1.008亿美元。作为国内第一家专业理财机构，上市首日涨幅达到33.25%。
产品结构
诺亚财富筛选的产品均为私募投资产品，包括固定收益产品（fixed income）、PE 基金（PE fund）、共同基金（mutual fund）、私募股权投资基金（private securities investment funds）、投资相关的保险产品（investment-linked insurance products）。其中固定收益类产品的销售规模占公司2012年总销售规模的68.4%。
固定收益类产品中，以房地产项目作为标的资产的在2012年占比61.3%；私募股权基金产品中以房地产项目为标的资产的在2012年占比34%。
从2005年到2012年底共销售了111亿美元的产品，这些产品来自超过120家机构。 诺亚财富还开发了FOF 产品和房地产私募基金产品，2010年5月开始成立FOF 产品，诺亚作为管理人；2012年下半年开始成立房地产私募基金产品，诺亚作为GP （一般合伙人）。 歌斐资产成立于2010年3月，以私募股权投资母基金、房地产私募基金、家族财富管理和组合资产管理为核心业务，是中国私募股权投资母基金的领跑者，地产基金运营管理的领先机构，以及家族财富管理与组合资产管理专家。截至2012年8月，歌斐管理资产规模约30亿人民币，其中PE 母基金超过20亿，是中国最大的市场化营运的PE 母基金。
收费模式
诺亚财富的主要收入来自于理财产品提供方所支付的一次性佣金收入（commissions ）和经常性服务收费（fees ），而活跃客户并不直接向诺亚付费。在购买了理财产品之后，诺亚向高净值客户提供一系列附加服务，包括财务计划、产品分析和推荐、产品和市场信息更新、投资者教育，这些附加服务均不收费。
从2010-2012年，净收入中一次性佣金收入的占比分别是77.2%、68.8%、53.3%；相应地，经常性服务收费占比分别是22.8%、31.2%、45.7%。2012年来自于共同基金的服务费收入占了净收入的1%。 财务状况
总收入（包括第三方收入和相关方收入）从2010年的4006万美元增长到2012年的9176万美元，净利润从2010年的1153万美元增长到2012年的2291万美元。
2011年相对于2010年实现了翻倍增长，但2012年宏观环境影响理财产品市场需求，公司一次性佣金率调整使得净利润下降了10%。
2013年第三季度收入同比增长61%至4150万美元，净利润同比增长85.3%至1400万美元。 公司预测2013年净利润在5000-5500万美元，同比增长86.4%-105.0%。
相关方收入如下图所示：
主要经营数据
2005年成立之初，诺亚财富仅有930位注册会员。2013年第三季度，诺亚财富的注册会员客户数达到50084名，比去年同期增长了32%，包括48044位注册的个人客户，1923位企业注册客户和117位渠道客户。
第三季度内的活跃客户达到2245位，比去年同期增加39.2%。
2005年成立之初，诺亚财富仅有六名理财师。到2013年第三季度，诺亚财富拥有56家分公司网点，540名客户关系经理（理财师）。
签署合作协议的批发客户主要是指地方性商业银行，或者国有商业银行的分支行。 主要事件
2013年7月11日公告，其与阿里小贷公司的首支私募信贷资产证券化产品已经募集完成（相关新闻请参见财新网报道《诺亚为阿里私募首支资产证券化产品》）。据了解，阿里小贷产品的收益率并不高，仅略高于一年期贷款基准利率（6.15%）。这也跟东方资管产品中的优先级投资者的预期收益率差不多。诺亚方面没有透露具体的募集资金规模，只表示与东证资管“阿里巴巴1号-10号专项资产管理计划”中的单个计划规模可能相当。从公开资料可知，东证资管“阿里巴巴1号-10号专项资产管理计划”每只专项计划募集资金规模为2亿至5亿元。
管理层对于业绩的表述 2013年第三季度
公司董事局主席汪静波评论说，“本季度公司业绩的提升是全面的结构化改进驱动的。其中包含了我们的产品能力、客户服务能力和运营能力的全面提升。我们很高兴看到公司的发展进入了一个新的高增长阶段。” CFO 表示，产品系列的改善是与公司战略一致的。此外，我们的经营利润率和净利率同比都实现了提升。我们有信心实现全年的财务目标。
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "The significant growth of our business in the third quarter was driven by overall structural improvements. These improvements include enhancement in product development, client servicing and operating capability which has helped us scale new heights."
Mrs. Theresa Teng, Chief Financial Officer, said, "The improvement of product mix was in line with the corporate strategy. In addition, our operating margin and net margin both increased from the previous year. We are confident that we will achieve our full year financial targets."
2013年第二季度
公司董事局主席汪静波评论说，“我们很高兴欢迎滕博士加入高级管理团队，期待滕博士丰富的经验能够帮我企业持续成长。” 汪静波表示，很高兴看到二季度的结果超预期，我们上调了2013年的全年盈利预测。公司预测2013年净利润在5000-5500万美元，同比增长86.4%-105.0%。我们相信包含产品、服务、运营能力在内的结构改善将驱动业务的快速增长。这些改善将持续推动业务增长。
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "We are pleased to welcome Dr. Teng to our senior management team. We look forward to drawing upon Dr. Teng's extensive experience as our business continues to grow."
"We thank Mr. Wu for his leadership and dedication for his tenure as Chief Financial Officer. Since joining us in March 2010, Mr. Wu has made significant contributions to Noah both in risk management and financial control," Ms. Wang continued. "Mr. Wu will continue to work with us and explore new business initiatives for Noah. Despite of the change in management, our business strategy remains unchanged."
Ms. Wang commented. "I am pleased that our second quarter results exceeded our expectations, and we have updated our 2013 full year forecast accordingly. We believe that the significant growth in our business was driven by overall structural improvements, including enhancement in product development, client servicing and operating capabilities. These improvements will continue to drive future growth." 2013 FORECAST
The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2013 is expected to be in a range of US$50.0 million and US$55.0 million, representing a year-over-year increase in the range of 86.4% and 105.0%. This estimate reflects management's current assessment and is subject to change.
2013年第一季度
公司董事局主席汪静波评论说，“对公司来说这个季度值得纪念，几乎所有的经营指标都创历史新高。这是我们自2012年上半年开始的组织结构改善和战略创新的结果体现。公司所有的业务部门，在这个季度都取得显著进步，我深感欣慰。另外，我们有能力提升我们的资产管理业务。” CFO 表示，这个季度增长强劲。客户总交易量和活跃客户数的提升使得我们所有的财务指标大幅提高。我们承诺给投资者带来有质量的业绩增长。
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "It was a record quarter for the company, with historical highs set for nearly all operating metrics. These results are reflections of structural improvements and strategic initiatives we have been making since the first half of 2012 in organizational structure, management, and product innovation." Ms. Wang continued, "I am also pleased that all of our business units, including our mutual business and our Hong Kong business, continued to make meaningful progress this quarter. In addition, we were able to continue to grow our asset management business."
Mr. Tom Wu, Chief Financial Officer, said, "It was a robust quarter. We were able to improve key financial metrics with strong revenue growth driven by broad client engagement in total transaction value and number of active clients, which led to
improved profitability and record quarterly earnings. We are committed to delivering profitable and quality growth for our shareholders."
2012年第四季度
公司董事局主席汪静波评论说，2012年4季度增长较好，交易量同比增长了46.6%达到了10亿美金，全年净利润超过我们的预测。尽管2012年颇具挑战，我们仍然进行了一系列的战略投资，这将为持续发展打下基础，包括拿到了一个共同基金发行牌照，一个离岸香港办公室，这两个都将提升我们的产品组合和客户参与度。此外，我们在资产管理业务上取得了显著增长。在今年下半年我们开始管理房地产基金产品，管理规模超过12亿美金，这是对产品销售业务的有力补充，将成为另一个增长引擎。
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "We concluded 2012 with a strong fourth quarter, with transaction value increasing 46.6% year-over-year to over US$1.0 billion, and full year non-GAAP net income exceeding our forecast. Despite a challenging 2012, we made a number of strategic investments that will lay further foundation for sustainable growth. They include a mutual fund distribution license and an offshore Hong Kong office, both of which will increase our product portfolio and client engagement. In addition, we have achieved significant growth in our asset management business. We began managing real estate fund products in the second half of the year. With over US$1.2 billion of assets under management, including our fund of private equity funds, our asset management business will complement our distribution business, providing another engine for growth." Ms. Wang further remarked, "We are also pleased to announce our second annual dividend, which we believe is in the best interests of our shareholders."
Mr. Tom Wu, Chief Financial Officer, said, "Robust results of our fourth quarter, and second half of 2012, reflect significant investments and improvements we have made in our business, which we expect to leverage in the coming years. In 2013, we will continue to focus on growth, profitability and productivity. Our second annual dividend again reflects our commitment to shareholders and the Company's strong cash flow."
2011年第四季度
公司董事局主席汪静波评论说，2011年是诺亚网络布局扩张和盈利增长的又一年。未来我们将在中国财富管理领域将持续奋斗，提高市场渗透率。最近，我们在多个领域取得了战略进展，包括申请了共同基金销售牌照，在香港设立办公室并获得了证券经纪、投资咨询和资产管理牌照，这是我们在中国大陆之外的首个办公室。
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, “This has been another growth and profitable year for Noah together with strong network expansion. Looking forward, Noah will continue to build upon our leading position in China’s wealth management industry by deepening our local market penetration.” Ms. Wang continued, “Recently, we have made strategic progress in several areas, including being granted a mutual fund distribution license by the China Securities Regulatory Commission, which we announced on February 22, 2012, as well as opening an office in Hong Kong, which is our first office outside the Chinese mainland and has obtained a license from the Securities and Futures Commission of Hong Kong to deal in securities, advise on securities and provide asset management services. We are also pleased to announce our first annual dividend which we believe is in the best interests of our shareholders.”
Mr. Tom Wu, Chief Financial Officer, said, “In 2011, we made significant investments in our infrastructure and talent which we expect to leverage in the upcoming years. In 2012 we will continue to focus on growth, profitability and productivity. And our first dividend since our initial public offering in November 2010 reflects our commitment to shareholders and the Company’s strong cash flow.”
2010年第四季度
公司董事局主席汪静波评论说，2010年我们取得了非常不错的业绩，这反映出我们行业持续成长的前景。我们相信随着中国经济发展，高净值人群将会实现长期增长，我们将会聚焦中国高净值人群。
Ms. Jingbo Wang, Co-founder, Chairwoman of the board of directors and Chief Executive Officer, commented, "We are pleased to announce strong results for the fourth quarter and for fiscal year 2010. The results reflect continued strong outlook for our industry. We believe there would be a secular growth in China's high net worth population as a result of China's economic expansion. And we will continue to focus on value creation for our clients - the high net worth population of China." Mr. Tom Wu, Chief Financial Officer, said, "The fourth quarter financial results are evidence of favorable industry
fundamentals, the sustainability of our model and the successful implementation of our strategic initiatives. We successfully expanded our branch network, focusing on the second- and third-tier towns in China where private economy thrives. As we continue to build the value of our client relationships, we are also benefiting from the efficiency gained from economies of scale."
诺亚财富投资管理有限公司财务分析 简介
诺亚财富投资管理有限公司是一家专业理财机构，致力于为中国高净值客户提供客观中立的理财解决方案，主要客户是个人流动资产最少在人民币300万元以上的富豪阶层。诺亚财富于2010年11月11日在纽约证券交易所挂牌上市，代码为“NOAH”，发行价12.00美元，融资金额约1.008亿美元。作为国内第一家专业理财机构，上市首日涨幅达到33.25%。
产品结构
诺亚财富筛选的产品均为私募投资产品，包括固定收益产品（fixed income）、PE 基金（PE fund）、共同基金（mutual fund）、私募股权投资基金（private securities investment funds）、投资相关的保险产品（investment-linked insurance products）。其中固定收益类产品的销售规模占公司2012年总销售规模的68.4%。
固定收益类产品中，以房地产项目作为标的资产的在2012年占比61.3%；私募股权基金产品中以房地产项目为标的资产的在2012年占比34%。
从2005年到2012年底共销售了111亿美元的产品，这些产品来自超过120家机构。 诺亚财富还开发了FOF 产品和房地产私募基金产品，2010年5月开始成立FOF 产品，诺亚作为管理人；2012年下半年开始成立房地产私募基金产品，诺亚作为GP （一般合伙人）。 歌斐资产成立于2010年3月，以私募股权投资母基金、房地产私募基金、家族财富管理和组合资产管理为核心业务，是中国私募股权投资母基金的领跑者，地产基金运营管理的领先机构，以及家族财富管理与组合资产管理专家。截至2012年8月，歌斐管理资产规模约30亿人民币，其中PE 母基金超过20亿，是中国最大的市场化营运的PE 母基金。
收费模式
诺亚财富的主要收入来自于理财产品提供方所支付的一次性佣金收入（commissions ）和经常性服务收费（fees ），而活跃客户并不直接向诺亚付费。在购买了理财产品之后，诺亚向高净值客户提供一系列附加服务，包括财务计划、产品分析和推荐、产品和市场信息更新、投资者教育，这些附加服务均不收费。
从2010-2012年，净收入中一次性佣金收入的占比分别是77.2%、68.8%、53.3%；相应地，经常性服务收费占比分别是22.8%、31.2%、45.7%。2012年来自于共同基金的服务费收入占了净收入的1%。 财务状况
总收入（包括第三方收入和相关方收入）从2010年的4006万美元增长到2012年的9176万美元，净利润从2010年的1153万美元增长到2012年的2291万美元。
2011年相对于2010年实现了翻倍增长，但2012年宏观环境影响理财产品市场需求，公司一次性佣金率调整使得净利润下降了10%。
2013年第三季度收入同比增长61%至4150万美元，净利润同比增长85.3%至1400万美元。 公司预测2013年净利润在5000-5500万美元，同比增长86.4%-105.0%。
相关方收入如下图所示：
主要经营数据
2005年成立之初，诺亚财富仅有930位注册会员。2013年第三季度，诺亚财富的注册会员客户数达到50084名，比去年同期增长了32%，包括48044位注册的个人客户，1923位企业注册客户和117位渠道客户。
第三季度内的活跃客户达到2245位，比去年同期增加39.2%。
2005年成立之初，诺亚财富仅有六名理财师。到2013年第三季度，诺亚财富拥有56家分公司网点，540名客户关系经理（理财师）。
签署合作协议的批发客户主要是指地方性商业银行，或者国有商业银行的分支行。 主要事件
2013年7月11日公告，其与阿里小贷公司的首支私募信贷资产证券化产品已经募集完成（相关新闻请参见财新网报道《诺亚为阿里私募首支资产证券化产品》）。据了解，阿里小贷产品的收益率并不高，仅略高于一年期贷款基准利率（6.15%）。这也跟东方资管产品中的优先级投资者的预期收益率差不多。诺亚方面没有透露具体的募集资金规模，只表示与东证资管“阿里巴巴1号-10号专项资产管理计划”中的单个计划规模可能相当。从公开资料可知，东证资管“阿里巴巴1号-10号专项资产管理计划”每只专项计划募集资金规模为2亿至5亿元。
管理层对于业绩的表述 2013年第三季度
公司董事局主席汪静波评论说，“本季度公司业绩的提升是全面的结构化改进驱动的。其中包含了我们的产品能力、客户服务能力和运营能力的全面提升。我们很高兴看到公司的发展进入了一个新的高增长阶段。” CFO 表示，产品系列的改善是与公司战略一致的。此外，我们的经营利润率和净利率同比都实现了提升。我们有信心实现全年的财务目标。
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "The significant growth of our business in the third quarter was driven by overall structural improvements. These improvements include enhancement in product development, client servicing and operating capability which has helped us scale new heights."
Mrs. Theresa Teng, Chief Financial Officer, said, "The improvement of product mix was in line with the corporate strategy. In addition, our operating margin and net margin both increased from the previous year. We are confident that we will achieve our full year financial targets."
2013年第二季度
公司董事局主席汪静波评论说，“我们很高兴欢迎滕博士加入高级管理团队，期待滕博士丰富的经验能够帮我企业持续成长。” 汪静波表示，很高兴看到二季度的结果超预期，我们上调了2013年的全年盈利预测。公司预测2013年净利润在5000-5500万美元，同比增长86.4%-105.0%。我们相信包含产品、服务、运营能力在内的结构改善将驱动业务的快速增长。这些改善将持续推动业务增长。
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "We are pleased to welcome Dr. Teng to our senior management team. We look forward to drawing upon Dr. Teng's extensive experience as our business continues to grow."
"We thank Mr. Wu for his leadership and dedication for his tenure as Chief Financial Officer. Since joining us in March 2010, Mr. Wu has made significant contributions to Noah both in risk management and financial control," Ms. Wang continued. "Mr. Wu will continue to work with us and explore new business initiatives for Noah. Despite of the change in management, our business strategy remains unchanged."
Ms. Wang commented. "I am pleased that our second quarter results exceeded our expectations, and we have updated our 2013 full year forecast accordingly. We believe that the significant growth in our business was driven by overall structural improvements, including enhancement in product development, client servicing and operating capabilities. These improvements will continue to drive future growth." 2013 FORECAST
The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2013 is expected to be in a range of US$50.0 million and US$55.0 million, representing a year-over-year increase in the range of 86.4% and 105.0%. This estimate reflects management's current assessment and is subject to change.
2013年第一季度
公司董事局主席汪静波评论说，“对公司来说这个季度值得纪念，几乎所有的经营指标都创历史新高。这是我们自2012年上半年开始的组织结构改善和战略创新的结果体现。公司所有的业务部门，在这个季度都取得显著进步，我深感欣慰。另外，我们有能力提升我们的资产管理业务。” CFO 表示，这个季度增长强劲。客户总交易量和活跃客户数的提升使得我们所有的财务指标大幅提高。我们承诺给投资者带来有质量的业绩增长。
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "It was a record quarter for the company, with historical highs set for nearly all operating metrics. These results are reflections of structural improvements and strategic initiatives we have been making since the first half of 2012 in organizational structure, management, and product innovation." Ms. Wang continued, "I am also pleased that all of our business units, including our mutual business and our Hong Kong business, continued to make meaningful progress this quarter. In addition, we were able to continue to grow our asset management business."
Mr. Tom Wu, Chief Financial Officer, said, "It was a robust quarter. We were able to improve key financial metrics with strong revenue growth driven by broad client engagement in total transaction value and number of active clients, which led to
improved profitability and record quarterly earnings. We are committed to delivering profitable and quality growth for our shareholders."
2012年第四季度
公司董事局主席汪静波评论说，2012年4季度增长较好，交易量同比增长了46.6%达到了10亿美金，全年净利润超过我们的预测。尽管2012年颇具挑战，我们仍然进行了一系列的战略投资，这将为持续发展打下基础，包括拿到了一个共同基金发行牌照，一个离岸香港办公室，这两个都将提升我们的产品组合和客户参与度。此外，我们在资产管理业务上取得了显著增长。在今年下半年我们开始管理房地产基金产品，管理规模超过12亿美金，这是对产品销售业务的有力补充，将成为另一个增长引擎。
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "We concluded 2012 with a strong fourth quarter, with transaction value increasing 46.6% year-over-year to over US$1.0 billion, and full year non-GAAP net income exceeding our forecast. Despite a challenging 2012, we made a number of strategic investments that will lay further foundation for sustainable growth. They include a mutual fund distribution license and an offshore Hong Kong office, both of which will increase our product portfolio and client engagement. In addition, we have achieved significant growth in our asset management business. We began managing real estate fund products in the second half of the year. With over US$1.2 billion of assets under management, including our fund of private equity funds, our asset management business will complement our distribution business, providing another engine for growth." Ms. Wang further remarked, "We are also pleased to announce our second annual dividend, which we believe is in the best interests of our shareholders."
Mr. Tom Wu, Chief Financial Officer, said, "Robust results of our fourth quarter, and second half of 2012, reflect significant investments and improvements we have made in our business, which we expect to leverage in the coming years. In 2013, we will continue to focus on growth, profitability and productivity. Our second annual dividend again reflects our commitment to shareholders and the Company's strong cash flow."
2011年第四季度
公司董事局主席汪静波评论说，2011年是诺亚网络布局扩张和盈利增长的又一年。未来我们将在中国财富管理领域将持续奋斗，提高市场渗透率。最近，我们在多个领域取得了战略进展，包括申请了共同基金销售牌照，在香港设立办公室并获得了证券经纪、投资咨询和资产管理牌照，这是我们在中国大陆之外的首个办公室。
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, “This has been another growth and profitable year for Noah together with strong network expansion. Looking forward, Noah will continue to build upon our leading position in China’s wealth management industry by deepening our local market penetration.” Ms. Wang continued, “Recently, we have made strategic progress in several areas, including being granted a mutual fund distribution license by the China Securities Regulatory Commission, which we announced on February 22, 2012, as well as opening an office in Hong Kong, which is our first office outside the Chinese mainland and has obtained a license from the Securities and Futures Commission of Hong Kong to deal in securities, advise on securities and provide asset management services. We are also pleased to announce our first annual dividend which we believe is in the best interests of our shareholders.”
Mr. Tom Wu, Chief Financial Officer, said, “In 2011, we made significant investments in our infrastructure and talent which we expect to leverage in the upcoming years. In 2012 we will continue to focus on growth, profitability and productivity. And our first dividend since our initial public offering in November 2010 reflects our commitment to shareholders and the Company’s strong cash flow.”
2010年第四季度
公司董事局主席汪静波评论说，2010年我们取得了非常不错的业绩，这反映出我们行业持续成长的前景。我们相信随着中国经济发展，高净值人群将会实现长期增长，我们将会聚焦中国高净值人群。
Ms. Jingbo Wang, Co-founder, Chairwoman of the board of directors and Chief Executive Officer, commented, "We are pleased to announce strong results for the fourth quarter and for fiscal year 2010. The results reflect continued strong outlook for our industry. We believe there would be a secular growth in China's high net worth population as a result of China's economic expansion. And we will continue to focus on value creation for our clients - the high net worth population of China." Mr. Tom Wu, Chief Financial Officer, said, "The fourth quarter financial results are evidence of favorable industry
fundamentals, the sustainability of our model and the successful implementation of our strategic initiatives. We successfully expanded our branch network, focusing on the second- and third-tier towns in China where private economy thrives. As we continue to build the value of our client relationships, we are also benefiting from the efficiency gained from economies of scale."