Noah Holdings Limited (NYSE:NOAH) Q4 2023 Results Conference Call March 26, 2024 8:00 PM ET

Company Participants

Melo Xi - Director of Investor Relations
Jingbo Wang - Co-Founder and Chairlady
Qing Pan - Group Chief Financial Officer
Zhe Yin - Co-Founder, Chief Executive Officer & Director

Conference Call Participants

Helen Li - UBS
Peter Zhang - JPMorgan

Operator

Good day, and welcome to the Noah Holdings Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Melo Xi, Director of Investor Relations.

Melo Xi

Thank you, operator. Good morning, and welcome to Noah's 2023 Fourth Quarter Earnings Call. Joining me on this call today are Ms. Wang Jingbo, our Co-Founder and Chairlady; Mr. Zhe Yin, our Co-Founder, Director and CEO; and Mr. Grant Pan, our CFO. Ms. Wang will begin with an overview of our recent business highlights, followed by Mr. Pan, who will discuss our financials and operating results. They will all be available to take your questions in the Q&A session that follows.

Before we begin, please note that the discussion today will contain forward-looking statements that are subject to risks and uncertainties and may cause actual results to differ materially from those in our forward-looking statements. Potential risks and uncertainties include, but not limited to, those outlined in our public filings with the SEC and the Hong Kong Stock Exchange. Noah does not undertake any obligation to update any forward-looking statements except as required on the applicable law.

In addition, today's call will include discussions of certain non-GAAP financial measures. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures can be found in our earnings release.

Lastly, this call should not be interpreted as a solicitation to sell or purchase any interest in any Noah or Noah-affiliated products. Please also be aware that a link to a live webcast with presentation materials is available on our Investor Relations website.

With that, I would like to pass the call over to Ms. Wang. Please go ahead.

Jingbo Wang

[Foreign Language]

Melo Xi

I'd like to begin today's call by sharing some recent thoughts on the industry and macroeconomic landscape before I review our performance for the fourth quarter and full year and dive into our strategy going forward.

Over the past year, the Chinese wealth management industry faced considerable challenges. Fundamental shifts are taking place across the sector that require a different strategy and approach to asset allocation for management speaking high-net worth individuals. Noah's relentless focus on client needs spearheaded our transition from a product-focused model to a solution-driven approach over the past year, ensured our ability to increase the resilience of clients' portfolios in a challenging market environment.