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Noah Holdings Limited (NYSE: NOAH; HKEX: 6686) is a leading wealth management service provider specializing in catering to high-net-worth individuals, particularly Mandarin-speaking clients. The company offers global investment and asset allocation advisory services, distributing a wide range of financial products and managing diverse asset portfolios. Its operations span wealth management, asset management, and other financial services, with a strong presence in China and international markets.
- Wealth Management - Distributes investment products such as private equity, private secondary, mutual funds, public securities, and insurance products, while providing customized financial solutions and value-added services like investor education and trust services.
- Asset Management - Oversees investments in private equity, public securities, real estate, multi-strategy, and other products through Gopher Asset Management and Olive Asset Management.
- Other Businesses - Includes lending services, such as secured loans to creditworthy clients, though this segment has been strategically de-emphasized since 2019.
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Given the 32.6% year-over-year decrease in revenues from mainland China in the third quarter , what specific strategies are you implementing to address the declining domestic market performance and when do you expect to see a stabilization or recovery in domestic revenues?
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While overseas revenues have grown significantly, accounting for over 50% of total revenue for the first time , how sustainable is this growth considering potential regulatory challenges and increased competition in international markets?
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With the 13.8% year-over-year decrease in recurring service fees due to the aging of RMB-denominated AUA and AUM , what steps are you taking to rejuvenate your asset base and enhance recurring revenue streams domestically?
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Operating profit remained consistent despite a reduction in government subsidies to only RMB 37 million year-to-date ; how do you plan to maintain profitability in light of decreasing subsidies and the increasing costs associated with your international expansion?
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Considering the foreign exchange loss of RMB 44 million due to the USD's depreciation against the RMB during the quarter , how are you managing currency risk with your growing overseas business, and what impact could future currency fluctuations have on your financial performance?