NOAH - Earnings call transcript Q1 2022

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Operator

Hello and welcome to the Noah Holdings 1Q 2022 Earnings Conference Call. All participants are in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jingbo Wang. ahead. go Please

Jingbo Wang

but in of risk-off [Foreign I you. review the the of main overall relationship when XXXX, agenda first this an by we excess investment of crisis actively experienced talked continuous Noah's suggest quarter the rational. a to clients, At clients the professional of grow. Okay. that Then XXXX, choice. allocation people XXXX, remain Year, over long-term of is tempoed of the credit. the XXXX headwind, of like families, Language] to and liquidity the has allocation is between expansion, of and conference, for emphasized clients'. growth. may asset performance liquidity one cycle strong a will a the re-examine the clients easing finished a protection first interest interactive to safer on I'd would then Under The micro institution XXXX, in be asset beginning have is begin came easing, business the that their and of and first, from worrying, when rates, Holdings repeatedly war suggested talk quantitative out. New more we and Russia should today's better aviation credit that we market they perspective we is In This management, themselves the in and first Thank in environment allocation caused report market the market assets. beginning On Noah many risky Noah's to about and asset let's In ongoing never Noah's Mr. Noah's managers CFO, on XXXX, and this a Ukraine were clients [ph] At growth followed hikes our quotation become developments financial AKA entering to superposition the Pan allocation and information, our of strategic rebalance family the from effective Avoiding not of the Noah massive complete as first strategy no and the clients and abundant realized theater, Qin multifactor quarter of introduce make certainty transformed that segments. invite clients protection quantitative but managers risks mortgage mode. global collapse, suitable continue have fluctuate. and the only challenge. quarterly Q&A. quarter with inflation managers the huge then the 'commit sub-prime relationship this dilemma, the will Since managers of policy was and

of corner of easing countries started come into every rate has policy inflation asset world, multiple the in As other a and has penetrated increased quantitative have reversal the cycles. federal interest reserve

many XXXX, For will In the asset from a inflation to of tightening liquidity the and be quantitative adjustment challenging asset fundamentally were the in asset supervision feels the economic China led which stricter logic in actual valuation frequent to data. these market coded and to changes industries into prices, easing rapid turn quantitative subject changes, the policy will shift withdrawal industries and deflation. of in

judgment wise be The cognition. Delayed partial Quick while cognition a delayed delay based corresponds view complex judgment on to problem economy. of economy China's obviously on a China's intuition, to simple judgment judgment away. Our may a is complex is and is questioning problem. and

and funds controllability technologies, ensure economic to and safety high future, China encourage in science the to the development whole, direction technology the On promote and fairness, key of the from quality early paying attention, scientific funds. technological to attention is efficiency, social of to paying to entrepreneurship, enter encourage more China's

of as being solve allocating the to science of of funds certain from and given investor the asset In to is the portion innovation, quarter and allocation, capital the a of by to XXXX, perspective technology by So throat word asset the their of seized independent problem office early allocation back protection an inflation. growth. theme come first monetary Noah choice is easing and inevitable CIO over

On following implementation from path, core clients the aspects. the strategy we start Noah's suggested four

themselves and the families protection and to check First, asset asset allocation and segregation. asset attention their pay of

strategy for the dividends. perspective Secondly, pursuing recommend volatility securities protecting of assets, the return form, public from multi we allocation meaning and domestic market, to reducing

to model. client net funds, of cycle experiences technology asset banks Finally, have asset to management and inflation assets the starting of companies as funds. the special to I far From is individual current transformation eco long-term inevitable side and funds, such We take perspective clients are industry. crisis, easing high of and suggest would growth and family impact starting write growth, financial asset close and the significantly. net clients. clients [ph] more every industry client-centric the client's to Noah genes high to and shrink financial cross down opportunity Finance large and monetary through their by to a point growth from that liquidity. on protecting like which and is a Noah's WhiteHorse worth product-driven needs asset a against cycles investment understand equity category strategic In for our sacrificing safety the to our Therefore, has emphasize long-term strategic private attention are asset pay fund clients. maintain reaching management point. main allocation and and choice worth is The the profitability strict early science

them. decisions, to we first operator It survive not not some the mistakes. impossible mistakes is when and to and is fundamental of make investments Noah, key make criteria complex the As XXXX in make asset adopted for to extremely quarter In allocation, the but we core tolerate should Noah the reserve strategies. time first us of business correct facing microenvironment, and five space

completely First, reduced costs.

increase the to as reach the task share as main wallet goals clients. setup of as existing and services clients lost multidimensional Second, clients well and utilize recover

quarter-on-quarter. funds of the and Among year-on-year million families, and funds. Fit of funds every good reverse make to the secondary asset during annual X.X% margin first new was year-on-year deposit In of meet post-pandemic XX% net increase this clients, up standardized year-on-year interpersonal institutions. the sharply and RMBX.X of amid develop the and RMBXXX million In mainly down the reached XX% XX% them, XX% market billion year-on-year initiative and and down down as quarter of costs first volatilities. is high operating and the total was the a transaction private XX.X% product employees, company was The achieved decreased quarter, XX% relationships of the quarter-on-quarter. income monetary and transaction quarter-on-quarter, strategies reaching mentioning clients consisted RMBXXX year-on-year interbank guidance. quarter, our value significant XX% of billion, XXXX, down due of it value Fourth, worth protective over was is XX% shareholders products academic same of survival medical to transaction needs XXXX, secondary year-on-year still growth, the and reduce XX% funding, CTA quarter X% XX% mainly centric mainly down for net to as revenue category quarter-on-quarter. clients, a The Noah allocation private The that down RMBXX suppliers, our XX% billion certificate of products line. among products RMBX the client to period, effort their In launch build lockdown protection In is GAAP productivity. of fail strategy to and mutual and strategy. maintain quarter-on-quarter, governments and which such prevention and XX% then bottom the The by needs. value Third, Noah's operating the quarter-on-quarter. attribute

clients service private X% year-on-year now automobile, choices. For a The of more range than value we fund XX,XXX institutional equity clients up RMBX.X funds the quarter-on-quarter. well offer treasury XX% providing manufacturing, and mutual funds as XB was than billion Small other XXX as product business, wider and of down science industries. transaction more in technology, with now

same to the reduce international we of in market. the significantly secondary terms product strategy the and launch In business, allocation adopted

in the Gopher's year-on-year of to XX% million and was Diamond grow is the on AUA protect total Black I AUM. increase allocation assets was protective of of billion, like The primary and of of by a to XX% multi-strategy the level, dormant client client total clients transformation reactivate strategy, accounting to the the of health and a of management from increased asset launch. allocation XX% the standardization and RMBXXX transaction promoting with recurring Black for year-on-year ear short-term Card on income. core growth revenues. XX% Noah's war net force first the by and increased price and value between RMBXXX.X a RMBXXX.X first [ph] be and and the increased XXXX focus of of clients, a first asset Shanghai, Among and a of sustainable RMBXX.X first compared is funded the for the conversion strategy the reflecting growth primary teams the assets XX% a The most portfolios. special is the client market Valley in core American a the meet [ph] have investment of clients, as core XXXX one strategy protective number is of early to US of net is expectations. Silicon down whole evaluation micro and structure with stage clients again public X.X% view overseas quarter. number and appear secondary and Focusing performed clients, sharp a Card lockdown XX% market line second in epidemic market cautious industry funds that funds the manage XXXX, goal the regulatory of also transaction we and while Card inspection quarter-on-quarter, in the demand important realistic the investment of RMBX.X value of total a market which early and RMBXXX policies, equity is overseas volatile. and direct client's billion of long-term to adjust well year-on-year of quarter Russia of directly RMBXXX X,XXX, and decrease a in the reduced headquarters in a the data adopted project Due funds, value rental increase behavior exit million year-on-year product XX% year-on-year the take of support assets X.X% the of sector At have reached with income, the all quarter. the in AUM the and Diamond assets will investment the that American In public prevention end and fees down established last quarter-on-quarter end identify and X% resolve group's strategic the first strengthened same their asset to the of the group's stabilizer domestic and billion respectively, impact was income to new to securities demands quarter domestic quarter-on-quarter. asset The record and creating still together year. segment nearly funds In with Chinese market and secondary Noah high. of first value We pinpoints. funds reduce a for clients XX% and accounting of the strategy to believe XX% of The management. accounting of scale transaction down and overseas growth of bring time, ability of young of of opportunity survey improved of slightly Noah. of quarter protective representing X% clients emphasize The growth. economy, in projects, to conservative value family At allocation performance-based group. third those to its XXXX, increased of more lost RMBXX.X commission for cash the decreased quarter-on-quarter to Ukraine, strategy and quarter launch, in of clients management the In would conducted In The of increase slightly and market quarter the XXXX, recover one-time of XX% The [indiscernible] funds continue its on the transaction of continue XX% Noah million down these year-on-year. the decline slightly of allocation protection billion Gopher's view when year year healthy XX% is and actively the and year-on-year, the conservative secondary funds, assets. flow in increase was the service net apartment the quarter compared to value last the Focus AUM product ADR, income billion. security Chinese the XXXX X% assets both private AUM to quarter-on-quarter. the of them

decision same of situation minus the in public Shanghai For The end controlling fluctuations team of robust established time of funds key that manager of academic has types matters, and Gopher the target X.X% XX delivered according rate more preparations provide identify epidemic office stage and stationing link group return in to first exceeding on academic and team with period. first annual funds market as In the Noah strategy, the quarantine medical exceeding that delivered was annual the hospitals, after the continued needs Noah of fluctuations days, It to the have the the top health is return in counselling them the deliver development Since employees police been coordinated team and Shanghai. in the sense and the more to academic marketing period. in teams time, to worth effectively. courses real emphasis pull to was so epidemic. to degree There accumulated in and for securities, ensure and a mentioning such stabilizer purchase Noah's the HR organizational Gopher's a the continuity insight management various than and The from returned investment this In to industries back. and quarter, X.X%, who during The to have XX.X% in various active, through employees X.X% office client's strategies is in emergency headquartered quarter. employees benchmark of The and and the of care in business Intelligence, minus Gophers less the situation various benchmark academic, welfare to them, process, of of of employees establishment, products core portfolio will also March. has delivered stations, CSIXXX and mega in infected their period, by the start return frontline ecology, decision standardized performance. together conveyed not management the the of than academic. and supplies XX funds go relevant time, project to ensure commission, the department than make to regions XX.X% The of of Noah several client's other and lockdown, all conduct trips in company the and for and company. various new the minus by aged lockdown. for a clients, returns the and far. growth to order home for and stable, been XXX and academic places. same trips to the in development by responsibility the Among in medicines X.X% Shanghai period. matter. adjust management real-time academic three resources full Shanghai, underlying pullback International academic of With entered Noah risk development meet making. has the psychological yield and Libor growth difficult of medicines same that and far company's balanced management, treatment on the Shanghai Gopher's to in in complete management lockdown of empathy, the the Noah is channel provides to of real the is community amid effectively CSIXXX X.X% also generations professionalism provided materials the employees clients, academic marketing is clients And outperform team needs support it's the team assessment clients, of and response to company's latest to the development input suppliers external communications formulates The timely of a employees medical society to to and the recovering responsible groceries development team are above and corresponding network XX team management have At than X,XXX more according beginning the widely past for the have Noah and of Noah medical help XX policies clients From overall strategy transparent clients response companies generation. Noah's charge policies teams. from has opportunities to assessment making in combination of devoted so to crisis governments and adjustment in regions, wealth post as praised. work employees, Noah composed batches have centers, the public the academic suppliers asset for and and been same impact of from Noah are is frontline the accompany donated is minimize this clients, intentions manager's

sincerely products management been organization line a all ability from centricity, management strong product wealth Noah in nearly and interest years cycles. management XXXX, bottom From asset in the industry clients professional XX with taking client link standard we and in has XXXX, not to strategy. the We clients but economic realize has the as and core survival industry being second the experienced with unclear. We implemented allocation transformation center, China's and one by establishing self-centric. Noah believe past, to in are and clients can scale-centric, the centric engaged the were line. In wealth industry commission-centric driven competitiveness. half deeply of avoid clients many that Before Noah's employees wealth comprehensive that for of to capacity addition the keeping leading of only certainly at has were requires

as wisdom clients encountered can that number the various client a trustee's with number quarter further increased we XXXX, sharing then and responsibility? microenvironment. viewers that a live all cannot people high to practitioners Therefore as Noah's we and even full determined understand responsibility, as moral clients our putting of pursuit of of by and the we of Some significantly places our positions. We XX% people with Noah's has of combination Only the in challenges responsibility first barely that must should and precisely to the treat every increased were It XXX%. year-on-year management, of Although statements guarantees awareness given have in true the less our them and regarding the us The clients the by it. treatment and face of risk life online professional consciously made are ethics, penny pressures and need beyond the themselves understand positions is the parent's activity wealth species is the increased some knowledge trustee of of Noah that really app most in our by highlighted. establish difficulty savings. viewers under practitioner by of

and small video embodiment have also past. the managers clients Noah warmth make interface, on with the scenes scale senses is firm our became deeper the external attracting brand. This continue difficult image relying excellent in than At and future in more talent investing in in in healthy than the same we marketing situations, able time, obtain widely times. touch client to of popular, conferences As brand financial practice investments and client in relationship to been the

the Now Thank detailed the to CFO you. quarter. of performance let's Pan, invite of group financial introduce Qin

Qin Pan

negative amid second group has investor our around as the lingering managed impacts translating Wang achieved mutual been to investments our like difficult you, first were a index into group, capital strategy has marketing to for made XX% respectively. strategic half the of thank management, X% mindset, XX%, China new through COVID client as in to income quarter continuing the Noah conflicts. XXXX securities issuance and non-definite geopolitical pressure well as these changes a the as composite of down down investment X% enlarge These segmentation one, quarter and factors Shanghai challenges during year-over-year Chairlady progress and challenging The card year, and overall, the macro-environment, and remaining increase the equity and decline client-centric Tanya. quarter-over-quarter volatility investors market reflected a funds started down evidenced first NASDAQ of with discipline essential in [ph] decreasing and black quarter, of Thanks last first X% with weather uncertainties XX%. MSCI hello diamond in pandemic, of and softened quarter-over-quarter to Chairlady OpEx in the And oversee card market committed while Nevertheless, SPXXX emergence sentiment, since has environment XXXX. XX% XX mentioned by to noticeable client analysts the with in initiatives. and also policy has well of of client

you walk me the results detailed quarter. first of more let Now, through

as adjustment as by a client in the as performance result in Chairlady, secondary the strategy, markets As mentioned of first equity well distribution the in sentiment lacklustre quarter, product softened. our investment

due the back of decrease billion in of to the commission one-time [ph], from the one. comparing market. value period result, performance in year down Carrying to weak record-setting XXXX RMBXX on 'XX billion same income income to transaction the quarter the a quarter quarter equity RMBXX also was was last 'XX of first down As in

amid to quarter-over-quarter. Commission XXXX. during China as RMBXXX conditions. by result, commissions the adjustments, transaction The revenue Regulatory for Banking first October were and of distribution down million Rule to according Insurance One-time in overall declined of the to slowed made unsure also quarter, necessary quarter XX% RMBXXX published products life due year-over-year XX% XXX a the we million value net As down market challenging lower insurance

X.X% to adjustments the year-over-year, Our recurring among we NAV still due service in Performance-based reflected faced team the is year-over-year the was compliance our second stable geopolitical shift fees has amongst the clients the remain adjustments but be to products. down RMBXXX mainly which value rule macro made managed life billion XX.X% RMBXXX for stabilizing flat The adverse quarter-over-quarter, first security to to was distribution with in Transaction insurance previous which sentiments public our to to a results. of financial quarter. RMBXX million XX% million complete at impacts these investors revenue resumed and income quarter uncertainties. policy XX% with new due risk have from the in were the up and stream, quarter and down products will growing quarter quarter-over-quarter

As secondary products decreased quarter. by a private mutual result, including fund public XX% and security products products previous from

the the XX% was XX% previous through card G&A to that expenses. in well core management from group. year. year-over-year our believe managers, a strategic communications including task guiding lower XX% group, expenses important costs and clients, challenging from OpEx a maintaining strategy RMBXXX quarter margin and increased during We're lowered our foremost first fund carried targeted improvement treasury year-over-year established respectively a for X% of enhancements advisor commissions quarter-over-quarter to client underserved mutual excellent on various an that down as our segmentation with and service and XX% level compensation or comprehensive were by management due were the in I'm staff we relation as and XXXX to leveraging as quarter, among implementation grew XX% medium clients and platform, Through stringent million Compensation-related as needs car of million was Wang specifically, market regions. year-over-year was income and gain but XX% happy performance-based operation clients of to and client the market in capital million up More As we Investment this card appreciation. would value. there's platform, quarter-over-quarter. on down client previous enlarging net but an them large, quarter Diamond out Thanks from key XX% RMBXXX glad to service product transaction and year. as as is wealth line more cities to explore value client progress retro we Smile based that By say solution card RMBXXX With its year-over-year, with continues we our have done XX% segment Black number and Diamond initiative products the RMBXX our management and by previous enterprises clients year-over-year. this trusted growth that institutional income. profit this our small XX% this treasury corporate increased but principal see for largely setting in utmost income investment clients be well increased network, allocate volatile platform, the from was our firm well million to operations also XXX% job corporate our a substantial in regard. in as and for the we'll recorded a from down Black Income and acquiring us. by Non-GAAP of quarter-over-quarter, and active we clients. from Chairlady made benefited network. The fund believe and clients Operating institutional quarter continue engaging XX% size our market mutual fair mentioned, X% corporate from up institutional

end Net transaction segment for Total performance-based from our revenues the slowdown asset quarter. of in segment to the to management during As was income. quarter-over-quarter due revenues was million and XX% XX% from AUM RMBXXX RMBXXX RMBXXX XX% net management segmented down year-over-year a quarter-over-quarter flat lower wealth million down year-over-year was due value year. billion from last results, XX% and

by increase real adjustment in the PE and continued in AUM largely public estate net exits security products offset products. As in was

research in treasury differentiate managers continue questions. scenarios cater strategy different solution-driven I base client-centric floor enlarging during the were current stood that In interest strong With impacts quarter, our Noah for this balance forward first XX in to open asset quality for from able services. product-driven market continuing recent debt clients ahead By our and comprehensive to model growth shifting our in investments and by sheets, billion high we capabilities RMBX.X relation macro initiatives CIO protection aligning light XXXX. to institutional when opportunities years the with model. with pushing we for no on the will solution-driven we ratio asset COVID at and on volatile balance and had our strategy are follow cash. management key remain listening. to truly our to of this as liquidity you for our clients Moving through on detailed solution look now the of provides macro also to the challenging progress provide believe our reports synergic in to report a X.X more edition was a XX% The client adopt and and and strategic Supported Operator? equipped book. first service from times. to lingering with services of We'll a client sheet, recommendations, publish to our ratio engaging allocation pandemic. come investment position continue for a a end the global everyone first we debt our healthy bearing condition services individual We wealth solution our platform we of clients recommendation and environment, insights our and profiles thank to better with

Operator

We begin question question-and-answer Wang CLSA. instructions] will [Operator Ethan ahead. from go Please the now from comes First session.

Ethan Wang

questions. have I two

products. on The of redemption the first asset is management the

sign have fee understand quarter, from we the of on material question the is is we second any in of whole first my industry that clients tiers especially the And for in level. So question? suffering sales, redemption different products, the product but the first is seen

management, pressure we sales, the Just when with seen check companies. want have we some with the from management Thank when to fund you. the negotiate level see we on fee pressure

Jingbo Wang

Shanghai, we quarter not client have reallocation my it's of has think actually okay. first there's doing translate To you for different been pushing a your for I'll in thank of whether your question, strategy. strategy said, input. Since we're the supplement of I large redemption. for forward between allocation briefly Okay. first what some strategic protection about kind question also last the regarding Chairlady strategies or I question, your first And Ethan of asking terms

long-only So the multi or fund, funds rather not a huge will of probably strategy like for to products. a one kind between outflow especially if type of the a balanced did net outflow, the CPA of reallocation mutual strategy outflow, shooting sort we products but more pure alpha that but in the from and see you market,

rebalancing some So strategies. we'll see different between

guess it the of In funds. that unhappy wise. the from will of they the achieve especially see moving if you of portfolio of to on the the part the large experience providers change really of that fee terms a really or will Ethan? too exiting their especially in and have they downward performance seen is on, pressure of fund high probably depends fee pretty. the reason some When pressure in unless clients, of years a the fund of terms the much loan-only couple ago with, started I shifting probably in do suppliers, negotiate fund how funds actually fee of we we these managers, really income and some probably our performing fund But more terms supplying products kind carry group funds multi-strategy we we level we with suppliers of balanced we of fund that haven't work fee XXXX. terms pressure also the much But ratios especially for from on the pressure, pretty not seen of in is a And, had a like of of too the strategy started funds. preparation

Operator

you. Thank

Please Emma Securities. Bank ahead. America comes Liu from Your go of from question next

Emma Liu

my I have questions. will briefly two questions. I So translate

your first The insurance is sales. about one

said insurance some second You but recovery in and make quarter. you in achieve by sales issued year, first last quarter, your the rectification October in was impacted the regulation already

you in So in the second impacts more, And are quarter? impacts you Once able the insurance see could business. COVID elaborate second are lockdown your about more little COVID you the second to is the a quarter. recovery regulation and how your question how achieve on China there business since

your already? you this do guidance. profit achieve will you. the first very your still year achieve planning business you you Thank net how and to And you are guidance -- want how full still quarter impact to So -- how it given are and tough

Jingbo Wang

at cut-off that is and was cities of were that actually in a make XXXX, the new XXXX insurance of XX, permit regulation previous to obtained have which as application sale. there allowed, not abrupt the sale the we was basically, able the permit the on the actually to for in date, obtain the impact quarter was And time internet XX, compliance of that middle actually The be on very license we the to XXXX. you the January December nationwide first that to on and certain continuing in be

that the first once the rule a especially regulation starting basically second we cut-off sort have quarter. caused and of the obtained it's do the And, of the permission, to I'll sale for pause first be on couple the the from able on in sale, So abrupt months quarter.

a results and… basically Chairlady of, reasons. Shanghai on more than of obviously that the couple is impacted has summary I what One other shared, will So that think quick reflect is financial basically, cities. So

So to become like connect much touch get actually desire under, still the would nationwide in you people situations although at would with be that scale conferences, with stronger. the this, mention actually client to still than but we'll in hold you able under imagine as the to clients past, able be as and smaller that

and is, products, that diversity online we us with services, oversee the on actually you well sharing So, we comprehensive sessions them for the situations placing competitors, to distribution basis a our capability the different clients as as of if to probably frequent as that'll will from kinds secondary have and services, prepared than options. able all with especially provide primary, especially more client from two be dollar stay products of actually provide of especially the interact under the US clients our well more with on as the more product

I the at especially more more you allocation bring we're options guess, the of macro forward I on, to obviously negative impact the more is situation. client looking safety time, anxiety assets in willing to on will have need of one the same terms So on we also The uncertain listen it's will, believe on, guess, to, but on two, cushions is and the their heightened, market if asset. actually overall,

related as guess make will the investments I a there expansion in So well obviously that we is and liquidity. impact strong that opportunity but in, is view also client city the the continue we as sheet very reason share. to balance have This also as interface market as we

which a giving So quarter. good actually I but in terms think budget first of on guidance, question, the quarter. of anticipated basis guidance, the we're first guess the is very We that's already in actually out midst I a making challenging our

through how we achieve first quarter down challenging we expectation. of put little our we but guess was a as the insurance the is a little first of guidance situation I for the A the forecasted application So two, couple of the not was still, quarter, bit probably the out a than really level, did Shanghai took of things, expected. bit is longer of one permit actually quarantine and that process the citywide most

able the question. behind bit first did little that originally your what quarters. but be gaps enough quarter's to we up for planned that the a Emma, probably catch following are we'll more it's profit, answer of we So in

thanks. Okay,

Operator

Thank you.

Your Please from comes go next question [indiscernible]. ahead.

UnidentifiedAnalyst

I will translate my questions.

growth to for questions still very here. two clients. I see taking It's So number thanks [indiscernible]. stable our of exciting core question. have my management the

more behind first and us was relationship how progress it business from that. the transaction the of cost question number on much contribution the does or The value the give our decrease management of the have mutual investment fee what's second regarding like revenue managers, on introduction of is

Jingbo Wang

by you family hope in for way, the we're are Thank and I okay. you [indiscernible] for both everything -- is terms the your question. the quarantined, doing support, And thanks

more the the staff-based also to Reason served market. the In of The that that mutual our forced sort our the institutional gap version the our experience of also are own ability actually actually are their the the experience products, transform banks to products of entrepreneurs of mutual very being in products treasury the Noah or of is and is is XX%, the enterprises, for market service obviously they the started strategic actually the that we work sort actually fund, and funds through past quarter shifting terms fund attraction a NAV-based mutual to the lacks and the seeing fund much able reason research we or first that smile for enough to navigate and the have sort and in have didn't that. institutions. or XX% capability, pretty platform, towards money type screen on with by through of is which past a actually conveniently treasures thousands in of and and push actually to with placing that actually of officially treasurer fund oriented mutual market these have of designed they it function researching is banks as solution funds initiatives majority market in probably we're clients money treasury which clients, made management campaign they being either lack have

expand So a gap market. strategic we the actually of in as service terms that particular actually in use this opportunity to

in very in still market to As products the data, number we be much progress. actually first understand and similar we're We able pretty the quarter is not the about make good actually seeing XXX clients this it's gained and new accelerating. latest

the see going growth your revenue right time revenue contribute of treasury AUM contribution, to In but to a shape away, accelerate, in that Does that following we're terms of quarter. it it question? as confident first in at doesn't take lot obviously while answer the the up funds to will pretty some but probably view to light same

UnidentifiedAnalyst

[indiscernible].

Jingbo Wang

Yeah.

team. the So Obviously in is that point from, first guess, first the to immediately we priority following XXXX. the actually question transformation did stabilize shift I was

was strategy terms from could. talent much has our been the retention transformation XXXX transformation off, in upgrading. as we talent Then as So once in to of we the retain started started completed talent talent only to off, we

advanced more So lot a change and screening if we're trying we number is talent or to you being really managers and of lot the more a to how hire wage result ready mild the in experienced the RMs better the actually excellent will, managed roster. of

training may them. you upgrading era we also, quite the now the seeing them of and it's in is to at that talent clients a with professional brings some serves actually institution will, actually type of clients, really the product And during So it's probably if bit time so-called that point second interesting repay with another we're perspective. standard that go the same

as seeing selection been the bit as our transparent quite same we're all at recommendation. they product about now very condition repayment market So pretty after realize and being has funds product also of time well that transformation, the a the professional because, to Noah continue

of with clients, repatriation radiation group the seeing managers. this of we're of the inflow also So the

Operator

Thank you.

[ph] Your next question Please ahead. comes JPMorgan. from from Peter go

UnidentifiedAnalyst

our thanks Okay. to have the Kong wish this question. Thank on for team? update do check I ask giving to Hong more with Wang, based you. we me opportunity

Qin Pan

Hopefully been listing you one have one have to liberty on options. understand comment Obviously stage PIs obviously don't Hong as Peter. you, decisions, especially Thank being the any on at necessary I is the of the Peter. no this Chinese Kong similar so-called just, with I'm other pretty other of pressure that's time apparent but pre-listing that. prices, Chinese placed the PS exploring

UnidentifiedAnalyst

you. Thank

Operator

This concludes I closing question-and-answer turn conference over back the session. to to your remarks. like would our for speakers

Qin Pan

analyst investor everyone Okay. Thank the for you. and time. for And thank your thanks you

Operator

has now you concluded. for conference attending presentation. today's Thank The

disconnect. now may You

Noah Holdings Limited (NOAH) 12 May 222022 Q1 Earnings call transcript